Key facts
- Bouygues Telecom, Orange, and Free-iliad Group agreed to buy SFR from Altice France.
- The deal is valued at €20.35 billion ($23.44 billion), including debt.
- Bouygues will acquire the largest share of SFR's assets, followed by Free-iliad and Orange.
- The acquisition would reduce the number of mobile network operators in France from four to three.
- The deal is expected to be completed in the second half of 2027, pending regulatory approval.
A consortium comprising Bouygues Telecom, Orange, and Free-iliad Group has reached an agreement with Altice France to acquire the telecom operator SFR for €20.35 billion ($23.44 billion), including debt. This significant deal, if approved by regulatory bodies, would consolidate the French mobile market from four operators down to three.
Under the terms of the memorandum of understanding, Bouygues Telecom is set to acquire the largest portion of SFR's assets, representing approximately 52% of the carved-out revenue. Free-iliad Group will take about 27%, and Orange will acquire 21%. Certain assets, including parts of the fixed and mobile networks and IT systems, will be jointly managed during a transition period.
The price split among the buyers is approximately 42% for Bouygues Telecom, 31% for Free-iliad, and 27% for Orange. The parties have also agreed upon break-up fees ranging from €100 million to €2 billion. The consortium has committed to ensuring employment for all staff of the acquired assets until the beginning of 2029, either through continued roles or alternative job opportunities.
Orange CEO Christel Heydemann stated that the agreement would reinforce Orange's leadership in France and Europe and support its strategic plan. Edward Bouygues, Chairman of Bouygues Telecom, highlighted the transaction as confirmation of the group's commitment to long-term growth for its core businesses and to contributing to France's digital sovereignty. The deal is anticipated to be finalized in the latter half of 2027, contingent upon obtaining necessary regulatory clearances.