Bouygues Telecom, Free–Groupe iliad and Orange have lodged a non-binding joint offer to acquire most of Altice’s French telecoms operations, centred on SFR.
The proposal excludes stakes in Intelcia, UltraEdge, XP Fibre and Altice Technical Services, as well as Altice activities in France’s overseas departments and territories.
The trio values the targeted assets at an enterprise value of €17 billion, placing a value of €21 billion for Altice France overall. Ownership would be split at 43% for Bouygues Telecom, 30% for Free–Groupe iliad and 27% for Orange.
Under the plan, SFR’s B2B activities would be taken over mainly by Bouygues Telecom and Free–Groupe iliad, while B2C would be divided between all three groups. Infrastructure and spectrum would also be apportioned among the bidders, with SFR’s mobile network in non-dense areas earmarked for Bouygues Telecom.
The companies say the deal would ensure continuity of service for SFR customers, bolster investment in very high-speed network resilience and cybersecurity, and consolidate nationally strategic infrastructure while maintaining competition.
A confirmatory offer would be dependent on consulation with employees and a review by the relevant regulators.
