This Tuesday, Orange and MásMóvil closed the pending details to seal their 50/50 merger in Spain and, from today, they will begin to operate as a single company.

“Orange and MásMóvil have today announced the creation of their new joint venture, thus completing the agreement to combine their operations in Spain. The shareholders of Orange and MásMóvil each own a 50% stake in the joint venture, with same governance rights in the combined entity,” they said in a joint statement.

According to estimates, the new company – whose commercial name is still unknown – is expected to generate synergies of around 490 million euros per year starting in the fourth year after closure.

Likewise, according to the preliminary closing accounts, the respective income at closing will be approximately 4.4 billion euros for Orange and about 1.65 billion euros for the shareholders of MásMóvil.

“The companies (Orange España and Másmóvil) will operate as a single entity. The accounts of both companies will be consolidated into a new legal entity already registered. As planned, the new company is operational as of today,” they added.