Bouygues Telecom, Orange, and Free-iliad have signed a memorandum of understanding to acquire SFR for €20.35 billion, pending regulatory approval.
The Deal at a Glance
A consortium of three major French telecom operators has agreed to acquire Altice France's SFR, a move that would reshape the country's telecom landscape.
Key Financials:
- Total value: €20.35 billion ($23.44 billion), including debt
- Price split among buyers:
- Bouygues Telecom: ~42%
- Free-iliad: ~31%
- Orange: ~27%
Asset Division
The SFR assets will be carved up among the three buyers:
- Bouygues Telecom to acquire approximately 52% of carved-out revenue
- Free-iliad to acquire 27%
- Orange to acquire 21%
Some assets will be held jointly during a transition period. Break-up fees ranging from €100 million to €2 billion have been agreed upon to protect the deal.
Regulatory & Timeline
- The deal is expected to close in the second half of 2027, pending regulatory clearance.
- This acquisition would reduce the number of mobile network operators in France from four to three.
Workforce Protections
The consortium has committed to ensuring employment for all staff of the acquired assets until at least early 2029.
Executive Statements
Orange Chief Executive Christel Heydemann said the agreement would "reinforce Orange's leadership position in France and Europe" and support its strategic plan.
Bouygues Telecom Chairman Edward Bouygues said the transaction "confirms the Bouygues group's commitment to long-term growth and France's digital sovereignty."