French Operators Enter Talks on €20 Billion SFR Takeover

Orange, Bouygues Telecom, and Free-Iliad Group have sent a new offer worth €20.4 billion to buy rival SFR from Altice Group and split the assets. The quartet has opened exclusive negotiations on the potential deal.

The bid is an increase on the trio’s non-binding offer of €17 billion, which Altice rejected in October 2025. In January, the suitors indicated that it was not the end of their interest, and they were in ongoing talks on another move. The four companies now state that the exclusivity period on negotiations would last until 15 May, giving time to finalize terms and transaction documents.

Should the deal go ahead, Bouygues would take the B2B part of SFR, while the consumer segment and the majority of the spectrum, infrastructure, and other assets would be split between the three. SFR’s mobile network in less densely populated areas is to be allocated to Bouygues. The deal values the assets at €20.4 billion. Bouygues is expected to cover 42% of the price and value, while Iliad will take 31% and Orange the remaining 27%. Stakes held under Altice France-SFR in ACS/Intelcia, XP Fibre, Ultraedge, and Altice Technical Services are not included in the deal.

Should a final agreement be reached, it would be subject to consultation with employee representative bodies and regulators. The companies asserted that there are various benefits of the transaction for the country’s infrastructure. These comprise the ability to strengthen investments in networks, cybersecurity, and AI; consolidate control over strategic infrastructure; and maintain competition to benefit consumers. “This socially responsible transaction would help sustain and strengthen the entire digital economy and the telecommunications sector in France,” they stated.