A consortium made up of Orange, Bouygues Telecom and Iliad-owned Free has confirmed it is in “ongoing discussions” with Altice Group over a potential deal to acquire a large part of Altice’s telecommunications activities in France.
The operators said due diligence started in early January 2026, but legal and financial terms are not yet agreed and there is no certainty the process will lead to a transaction.
The statement follows renewed market speculation about a fresh joint approach for SFR, after the trio’s earlier non-binding offer in October 2025 was rejected by Altice’s owner Patrick Drahi.
If a deal progresses, the most immediate consequence would be a structural reshaping of the French market, potentially reducing the country’s four-network-operator landscape to three. Any carve-up would be subject to governance sign-off and major regulatory scrutiny, including French and EU competition approvals, with remedies likely to be central given overlaps in fixed broadband, mobile spectrum and consumer bundles.
The confirmation also lands against the backdrop of Altice’s efforts to stabilise its balance sheet and raise cash via asset moves. Altice France’s court-approved restructuring in 2025 cut debt and extended maturities, and the group has continued to explore options around infrastructure holdings such as XpFibre.
