Consortium Acquires SFR from Altice France

A consortium comprising Orange Group, Bouygues — Bouygues Telecom, and Iliad (through its Free-iliad Group) has signed a memorandum of understanding with Altice France to acquire SFR, France's second-largest telecommunications operator, for a total enterprise value of 20.35 billion euros. The deal, which follows months of negotiations and an extended exclusivity period, involves the breakup of SFR's assets among the three buyers. Bouygues — Bouygues Telecom will acquire approximately 52% of SFR's carved-out revenue, Iliad will take about 27%, and Orange Group will acquire the remaining 21%, including 4 million mobile customers, 1 million fixed broadband customers, and 47 MHz of spectrum. The transaction is expected to be completed in the second half of 2027, pending regulatory approvals, particularly from competition authorities, who will scrutinize the reduction of mobile network operators in France from four to three. The consortium has committed to ensuring employment for all staff of the acquired assets until early 2029. This acquisition is a strategic move for Altice France to reduce debt and for the buyers to reinforce their market leadership and investment capabilities in digital infrastructure.