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Bouygues Telecom, Free-iliad, and Orange Submit €17 bn Joint Offer to Acquire SFR Assets from Altice

Bouygues Telecom, Free-iliad Group, and Orange have jointly submitted an offer to acquire a significant portion of the Altice group’s French assets, including most of SFR’s operations. The consortium’s proposed offer values the targeted Altice France assets at €17 billion, implying a total enterprise value of over €21 billion for the entire Altice France business.

Scope of the Offer

The proposed transaction covers the bulk of SFR’s telecom assets, excluding stakes in Intelcia, UltraEdge, XP Fibre, Altice Technical Services, and the group’s operations in French overseas departments and territories.

The consortium has outlined a clear division of assets:

Bouygues Telecom and Free-iliad Group would primarily take over SFR’s B2B operations.

The B2C segment would be shared among Bouygues Telecom, Free-iliad Group, and Orange.

Infrastructure and spectrum resources would be divided among the three, with SFR’s mobile network in less populated areas slated for acquisition by Bouygues Telecom.

The indicative value split among the buyers would be roughly 43 percent for Bouygues Telecom, 30 percent for Free-iliad Group, and 27 percent for Orange.

Next Steps in the Negotiation

The non-binding offer means that due diligence, financial, and operational assessments will precede any confirmatory offer. The process requires consultation with employee representatives and regulatory approvals from relevant French authorities.

In the interim, assets that cannot be immediately transferred would be managed through a joint transitional company, relying on Altice employees to ensure seamless operations and gradual customer migration.

However, the companies emphasized that there is no guarantee this indicative offer will culminate in a definitive agreement.

Orange is one of the world’s leading telecom operators, generating €40.3 billion in 2024 revenue and serving 300 million customers globally as of June 2025. The company operates in 26 countries and leads the enterprise services market under Orange Business. Orange is listed on Euronext Paris (ORA).

Free-iliad Group (parent of Free in France) serves over 51 million subscribers across France, Italy, and Poland. The group recorded €10 billion in 2024 revenue and continues to expand its mobile and fixed broadband footprint across Europe.

Bouygues Telecom serves 27.1 million mobile and 5.3 million fixed-line customers in France. Its 5G network covers more than 84 percent of the French population. The operator is also committed to sustainability, targeting a 29.4 percent reduction in carbon emissions by 2027.

This multi-operator acquisition could mark one of the largest telecom transactions in France in recent years. It would significantly reshape market dynamics, strengthen infrastructure sharing, and enhance competition in both consumer and business segments. The deal also aligns with the operators’ long-term strategies to expand fiber and 5G coverage, while improving service quality and operational efficiency.

Baburajan Kizhakedath

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