Bouygues Telecom, Orange, and Free Sign Memorandum of Understanding to Acquire SFR

A Transaction Valued at 20.35 Billion Euros

The proposed transaction is valued at a total enterprise value of 20.35 billion euros for the concerned assets of Altice France, subject to adjustments at closing. The distribution of the price would remain unchanged from the indicative offer of April 17, 2026: approximately 42% for Bouygues Telecom, 31% for Free-Groupe iliad, and 27% for Orange. These percentages could change by the time the transaction is finalized, depending on changes in customer bases.

Bouygues Telecom to Scale Up

For Bouygues Telecom, the operation would represent a significant scaling up. The operator would notably take over SFR Business's activity and clientele, representing about 1.2 billion euros in revenue, as well as a portion of SFR's consumer business, approximately 3.8 million mobile customers and 2.6 million fixed-line customers. Bouygues Telecom would also take over SFR's mobile network in less dense areas, already shared with it under the Crozon agreement, as well as dedicated B2B fixed infrastructure and a portion of the distribution network.

An Agreement Still Subject to Conditions

The transaction is not yet final. Its completion remains subject to several steps, including consultation with the staff representative bodies, signing of the definitive legal documentation, obtaining the required regulatory approvals, particularly concerning merger control, and the lifting of other suspensive conditions. Bouygues Telecom indicates that the final completion could occur in the second half of 2027, subject to these approvals and conditions. The group specifies that at this stage, there is no certainty that the transaction will be completed.