French telcos plan SFR acquisition
April 17, 2026
By Colin Mann
Following the due diligence phase initiated in 2026, Bouygues Telecom, the Free–iliad Group and Orange have submitted a new offer and are starting exclusive negotiations with the Altice France group with a view to acquiring SFR.
This offer reflects a total enterprise value of €20.35 billion for the Altice France assets under consideration. Altice France has granted an exclusivity period to the Consortium until May 15th in order to finalise the terms and the transaction documents.
While ensuring continuity for SFR customers in a mature market, this industrial operation would make it possible to:
• Strengthen investments in the resilience of very high-speed broadband networks, in cybersecurity, as well as in innovation and new technologies such as artificial intelligence;
• Consolidate control over strategic infrastructure in France;
• And maintain a competitive ecosystem for the benefit of consumers.
The partners say this socially responsible transaction would help sustain and strengthen the entire digital economy and the telecommunications sector in France.
The offer covers the acquisition of the majority of assets operated by Altice France-SFR, excluding shareholdings in ACS/Intelcia, XP Fibre, Ultraedge and Altice Technical Services, as well as the Altice France group’s operations in the French overseas departments and regions.
Bouygues Telecom, the Free–iliad Group and Orange envisage allocating the targeted activities as follows:
• The B2B business and customers would be taken over by Bouygues Telecom;
• The B2C business and customers would be shared between Bouygues Telecom, the Free–iliad Group and Orange;
• The other assets and resources (in particular infrastructure and spectrum) would be shared between Bouygues Telecom, the Free–iliad Group and Orange, except for SFR’s mobile network in less densely populated areas, which would be taken over by Bouygues Telecom.
The split of price and value between buyers would be around 42 per cent for Bouygues Telecom, 31 per cent for the Free–iliad Group and 27 per cent for Orange.
The transaction will be subject to prior consultation with the relevant employee representative bodies. It will then be subject to review by the competent regulatory authorities, in particular with regards to merger control guidelines.
At this stage, there is no certainty that this offer will result in an agreement.