Key facts
- Consortium of Bouygues Telecom, Orange, and Free-Iliad Group to buy SFR.
- Acquisition price is €20.35 billion ($23.44 billion), including debt.
- Altice France is the seller of SFR.
- Deal requires approval from French and EU antitrust regulators.
- Price split: 42% Bouygues Telecom, 31% Free-Iliad Group, 27% Orange.
- Employment guaranteed for SFR staff until 2029.
A consortium comprising Bouygues Telecom, Orange, and Free-Iliad Group has signed a memorandum of understanding with Altice France to acquire SFR for €20.35 billion ($23.44 billion), including debt. The deal, which would reduce the number of mobile network operators in France from four to three, is subject to approval from French and EU antitrust regulators. The price split among the buyers is approximately 42% for Bouygues Telecom, 31% for Free-Iliad Group, and 27% for Orange, with some assets held jointly during a transition period. Break-up fees ranging from €0.1 billion to €2 billion have been agreed upon. Orange CEO Christel Heydemann indicated that regulatory discussions have begun, with behavioral remedies being a potential path to approval. The consortium has committed to ensuring employment for all SFR staff until early 2029. The deal is expected to be completed in the second half of 2027.