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Orange, Masmovil Sign Deal to Forge $19 Billion Telecom Unit

  • Agreement includes trigger for possible initial share sale
  • Deal to test EU regulators’ willingness to allow consolidation
A smartphone user outside an Orange SA store in Barcelona.
A smartphone user outside an Orange SA store in Barcelona.Photographer: Angel Garcia/Bloomberg
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Orange SA and Masmovil Ibercom SA reached a binding agreement to combine their Spanish businesses to create the country’s biggest telecommunications company by clients after exclusive merger talks announced in March.