Orange, Bouygues Telecom, and Free in Talks to Acquire Altice France's Telecom Operations
A consortium comprising Orange, Bouygues Telecom, and Free-Groupe iliad confirmed on Thursday that they are in negotiations with Altice Group to acquire a significant portion of its telecommunications activities in France. No agreement has been reached at this stage, the three operators noted.
According to the joint statement released on January 22, the consortium has initiated due diligence processes since the beginning of January 2026. The three telecom groups state that the legal and financial conditions of the potential transaction have not been agreed upon to date. The company emphasizes that there is no certainty that this process will result in a final transaction.
Conditions for Final Agreement
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Should an agreement be reached, it would need to be approved by the governance bodies of the involved companies, the statement specifies. The transaction would also be subject to customary conditions, without further details on the nature of these conditions. The three operators indicate that a market communication will be made in due course regarding the progress of the project, in accordance with applicable regulatory requirements.
Financial Overview of the Consortium Members
Orange reported a revenue of 40.3 billion euros in 2024 and had 310 million customers as of September 30, 2025. The Free-iliad group, active in France, Italy, and Poland, employs over 18,000 staff serving 52 million subscribers and generated a revenue of 10.3 billion euros in 2024. Bouygues Telecom, a subsidiary of Bouygues Group, recorded a revenue of 7.8 billion euros in 2024 and has 27 million mobile customers and 5.3 million fixed-line customers.
Ces excellentes performances nous permettent aujourd'hui de relever nos objectifs annuels
Risks mentioned
Orange Business en repli de -3,1 %, toujours pénalisé par un environnement de marché difficile
EBITDAaL d'Orange Business en baisse de -6,4 % sur le semestre
Endettement net porté à 35,7 milliards d'euros, ratio dette/EBITDAaL à 2,4x après MasOrange
Opportunities identified
Contrôle exclusif à 100 % de MasOrange renforçant la position en Espagne
Projet d'acquisition conjointe de SFR pour environ 5,6 milliards d'euros de part Orange
Croissance à deux chiffres en Afrique et Moyen-Orient (+13,9 % de chiffre d'affaires)
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Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
