MADRID (Reuters) – Orange’s Spanish unit will invest nearly 4 billion euros ($4.75 billion) in 2021, CEO Jean-Francois Fallacher said on Thursday, almost quadrupling 2020’s investment levels despite bruising market conditions and a 3.7 billion-euro writedown in the second quarter.
“The Spanish market is hyper-competitive… but amid the three main operators Orange is a strong second,” Fallacher told reporters in a call. “Last year we invested over 1 billion euros – this year’s investment will be closer to 4 billion.”
($1 = 0.8422 euros)
(Reporting by Clara-Laeila Laudette, editing by Inti Landauro)
