People walk past a store of the French telecoms operator Orange in Paris, France, February 16, 2021. REUTERS/Sarah Meyssonnier/File Photo
MADRID, July 29 (Reuters) – Orange’s (ORAN.PA) 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
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