Orange Spain will invest close to 4 billion euros in 2021 despite bruising market


FILE PHOTO: People walk past a store of the French telecoms operator Orange in Paris, France, February 16, 2021. REUTERS/Sarah Meyssonnier/File Photo

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)

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