Orange, Bouygues, Free-iliad Agree €20.4 Billion SFR Buyout as France Tests Telecom Consolidation
Updated
Updated · Bloomberg · Jun 7
Orange, Bouygues, Free-iliad Agree €20.4 Billion SFR Buyout as France Tests Telecom Consolidation
3 articles · Updated · Bloomberg · Jun 7
Summary
€20.4 billion including debt is the value attached to Altice France’s SFR in a memorandum signed by Orange, Bouygues Telecom and Free-iliad to acquire and break up the operator.
SFR, France’s second-largest mobile carrier, would have its assets and customers split among the three buyers, making the transaction a major test of European regulators’ appetite for telecom consolidation.
The agreement is not yet final and still could collapse, with binding legal documents targeted for the second half of 2026.
Completion is expected in the second half of 2027 if regulators approve, marking a long runway for scrutiny of Patrick Drahi’s planned exit from SFR.
The acquisition of SFR by the Bouygues group, confirmed in early June 2026, marks a major shift in the French telecom sector. Following exclusive negotiations, Edward Bouygues emphasized that this move is central to Bouygues’ long-term growth strategy and supports France’s digital sovereignty. Altice France is selling SFR’s assets as part of its debt reduction plan, while Bouygues, Orange, and Free aim to consolidate the market and invest in next-generation infrastructure. This deal, still under regulatory review, could reshape competition and innovation in France, with significant impacts on consumers, employees, and the future of digital services.