SFR: Bouygues, Free, and Orange Unite for a €20.35 Billion Offer
Three French telecom operators have entered exclusive negotiations with Altice France for the acquisition of SFR. The consortium has proposed an enterprise value of €20.35 billion for the considered assets of the group, with an exclusivity period granted until May 15, 2026.
Exclusive Negotiations Initiated
Bouygues Telecom, Free-Groupe iliad, and Orange have announced the start of exclusive negotiations with Altice France for the acquisition of SFR, following a due diligence process initiated in 2026. The joint offer values the enterprise at a total of €20.35 billion for the considered assets of Altice France. Altice France has granted an exclusivity period to the consortium until May 15, 2026, to finalize the terms and documentation of the transaction. The operation remains subject to the regulatory approvals required by the relevant authorities, particularly in terms of merger control.
Planned Distribution of Target Perimeter
The planned distribution of the target perimeter would be as follows: 42% for Bouygues Telecom, 31% for Free-Groupe iliad, and 27% for Orange. The operation excludes stakes in the companies ACS/Intelcia, XP Fibre, UltraEdge, and Altice Technical Services, as well as the activities of Altice France in the overseas departments and regions. The acquisition will be subject to prior consultation with the relevant employee representative bodies. At this stage, there is no certainty as to the effective realization of this operation.
Objectives in a Mature Telecom Market
In a mature telecommunications market, this operation aims to ensure continuity for SFR's customers while perpetuating and strengthening the entire digital economy and telecommunications sector in France. SFR, the second-largest telecom operator in France, serves over 25 million customers and has a network of more than 40 million fiber connections. The group currently covers 99.9% of the population with 4G and 86% with 5G.
