Bouygues Telecom, Free–iliad, and Orange in Exclusive Talks to Acquire SFR

Bouygues Telecom, the Free–iliad Group, and Orange have entered exclusive negotiations with Altice France to acquire SFR. This follows a due diligence phase and includes a new offer with a total enterprise value of €20.35 billion for the assets in question.

Altice France has granted exclusivity to the consortium until May 15, 2026, to finalize transaction terms. The acquisition aims to enhance investments in broadband resilience, cybersecurity, and technology while maintaining competition for consumers.

Excluded from the deal are Altice's holdings in ACS/Intelcia and operations in French overseas departments. Bouygues will focus on B2B operations, while B2C businesses will be shared with Free–iliad and Orange. Regulatory approval is pending.