Orange Spain will invest nearly 4 billion euros in 2021, despite the bruising market

MADRID (Reuters). Orange’s Spanish unit will spend nearly 4 billion euros in 2021 ($4.75 billion), CEO Jean Francois Fallacher announced on Thursday. This is despite bruising market conditions and a 3.7-billion-euro writedown during the second quarter.

Fallacher said that the Spanish market was highly competitive, but Orange is second among the main operators. “Last year, we invested more than 1 billion euros. This year, our investment will be closed at 4 billion.”

($1 = 0.8422 euros)