Prime Highlights
- Bouygues Telecom, Orange and Free-iliad Group have agreed to acquire SFR from Altice France in a €20.35 billion deal, including debt.
- If approved, the transaction will reduce France’s mobile network operators from four to three.
Key Facts
- SFR is one of France’s major telecom providers, offering mobile, broadband and fixed-line services.
- Bouygues Telecom will acquire the largest share of SFR’s assets, accounting for about 52% of the company’s carved-out revenue.
Background
Bouygues Telecom and its partners have reached a deal to buy French telecom company SFR from Altice France in a transaction worth €20.35 billion, including debt.
The transaction brings together Bouygues Telecom, Orange and Free-iliad Group and could become one of the largest telecom acquisitions in Europe in recent years.
Under the deal, Bouygues Telecom will take over the largest portion of SFR‘s assets, accounting for around 52% of the business’s revenue. Free-iliad will take around 27%, while Orange will acquire the remaining 21%.
Some fixed and mobile network assets, along with certain IT systems, will be jointly managed during a transition period.
The deal follows months of negotiations between the companies. In April, the consortium increased its offer from about €17 billion, and Altice France later extended the exclusivity period for discussions to allow the parties to finalize the agreement.
If approved by regulators, the acquisition will reduce the number of mobile network operators in France from four to three. The transaction is expected to be closely reviewed by competition authorities as the telecom sector continues to consolidate.
The companies said the agreement would support their long-term growth plans and strengthen their positions in the French telecommunications market. They also committed to maintaining employment for staff linked to the acquired assets during the transition period, either through existing roles or alternative opportunities.
The buyers and seller have also agreed on break-up fees linked to the transaction. The deal is expected to close in the second half of 2027, subject to regulatory approvals.
