SFR buyout: Bouygues, Iliad and Orange enter exclusive talks with Altice
Source · Telecoms desk
— Summary
Patrick Drahi has given the green light to the sale of SFR: Bouygues Telecom, Iliad and Orange have entered exclusive negotiations with Altice France on an offer valuing the targeted assets at €20.35bn enterprise value, up from €17bn in the October offer initially rejected by Altice's owner. The exclusivity period runs until 15 May to finalise terms.
The split of price and value would be Bouygues Telecom 42%, Iliad (Free) 31% and Orange 27%. The perimeter excludes several Altice France assets: ACS/Intelcia, XP Fibre, UltraEdge, Altice Technical Services, and operations in French overseas territories. On the customer side, Bouygues Telecom would take the B2B (business) customer base, while the B2C (consumer) customer base would be split across the three buyers. SFR's mobile network in low-density areas would go to Bouygues Telecom; infrastructure and spectrum would also be shared.
The consortium frames this as a "socially responsible" operation with a focus on jobs, promising higher investment in high-speed networks, cybersecurity and AI. The deal still needs consultation with employee-representative bodies, then regulatory clearances — notably on merger control (antitrust), historically a major hurdle to French telecoms consolidation. Source: Les Echos, 17 April 2026, Thomas Pontiroli.
The story in one line: Bouygues Telecom, Iliad and Orange have gone exclusive with Altice France to buy SFR at a €20.35bn enterprise value — a historic turning point for French telecoms.
Key numbers
Enterprise value of targeted assets: €20.35bn (vs €17bn in October).
SFR low-density-area mobile network: Bouygues Telecom.
Customer base: B2B to Bouygues, B2C shared across all three.
Why it matters
The deal would end months of suspense and reduce the French mobile market from four to three operators, after several failed attempts over the past decade. Consolidation should boost profitability for the three remaining players through scale benefits (shared infrastructure, pooled spectrum) and more pricing power. The trade-off: heavy antitrust risk — the French competition authority and Brussels will scrutinise consumer-protection and investment commitments closely.
Takeaway
The re-rating to €20.35bn (up 20% vs October) reflects Drahi’s ability to push bidders higher and likely French-government backing. The deal now hinges less on price than on the competitive and social commitments the three buyers are willing to underwrite.
Source: Les Echos, 17 April 2026, Thomas Pontiroli.