This can be a actual large bang within the telecoms sector in France. Bouygues TelecomIliad (Free) et Orange agreed on Saturday night with Altice France to purchase its subsidiary SFR, for a complete quantity of 20.35 billion euros.
After extending the interval of unique negotiations opened in mid-April on Friday by 48 hours, the 4 operators lastly discovered widespread floor, together with a possible further value of as much as 650 million euros on the closing of the operation – hoped for within the second half of 2027 – and the reassurance given to workers of SFR that their employment can be assured till the start of 2029.
A veto by competitors authorities stays attainable
This transaction represents “one of many largest industrial operations in Europe within the telecommunications sector”, underline the businesses in a press launch, whereas an unprecedented reconfiguration is looming with a return to a few operators in France. It nonetheless stays topic to examination by the competitors authorities and, “at this stage, there is no such thing as a certainty that this operation will likely be carried out”, specify the teams.
Based on the memorandum of understanding, Bouygues Telecom can pay 42% of the sale value, Free-Groupe Iliad 31% and Orange 27%, by the acquisition of shares within the firm SFR.
By way of asset distribution, the Bouygues group subsidiary would notably acquire the “B2B” section of SFR, that’s to say the gives devoted to professionals, in addition to a part of its common public actions (i.e. round 6.4 million cellular and landline prospects). Free would inherit some 6 million prospects of the RED by SFR provide, in addition to almost two million prospects of its shopper exercise, whereas Orange can be allotted round 4.9 million prospects. The three patrons additionally plan to share the frequencies presently operated by SFR.
Bouygues takes the lion’s share
In whole, the turnover of the scope involved reached 8 billion euros in 2025. Bouygues Telecom would take the lion’s share (52%), forward of Iliad (27%) and Orange (21%), which have to be content material with a smaller portion as a result of its dominant place available on the market.
The Minister of the Economic system, Roland Lescure, for his half estimated that “this announcement marks a serious and decisive step for a structuring operation which considerations all the French and European telecoms sector”.
“This announcement constitutes an necessary step” for SFR, indicated the CEO of Altice France, Arthur Dreyfuss, and the CEO of SFR, Mathieu Cocq, in an inside electronic mail addressed to the corporate’s workers. Additionally they specify that it’s “a fancy course of, involving listed firms, which requires endurance and loads of rigor”, and that the three patrons are dedicated to opening a social dialogue with the commerce union organizations representing SFR.
