In their FY20 results, Orange announced the formation of its new towerco, TOTEM. The towerco, comprising initially of assets in France and Spain is expected to launch at the end of 2021, with a management team to be appointed in the coming months. Further Orange assets may be brought into the TOTEM perimeter whilst TOTEM has an appetite for further M&A opportunities. Here we examine the latest on Orange’s towerco plans and what the future could hold.
Just over a year ago, during the presentation of its Engage 2025 strategic plan, Orange announced plans to carve out its European towers into an Orange-owned towerco, starting with its largest markets of France and Spain.
