Bouygues Telecom, Iliad-Free and Orange have entered exclusive negotiations with Altice France over the acquisition of SFR, in a deal that if approved would reshape the French telecoms market.
The three operators said their revised offer values the Altice France assets at €20.35 billion (£17.4 billion).
The proposed transaction would cover most of Altice France-SFR’s operating assets, but excludes holdings in XP Fibre, UltraEdge, ACS/Intelcia and Altice Technical Services, as well as the group’s activities in the French overseas territories. Under the plan, Bouygues Telecom would take the B2B business, while the B2C operations would be divided between Bouygues Telecom, Iliad-Free and Orange. Infrastructure and spectrum would also be split, with SFR’s mobile network in less densely populated areas earmarked for Bouygues Telecom.
Bouygues Telecom would be responsible for 42% of the offer, Iliad-Free 31% and Orange 27%. Reuters said the new offer follows the rejection of an earlier €17 billion bid in October 2025 and would mark the biggest French telecoms deal since France Telecom’s acquisition of Orange in 2000 if completed.
The deal would reduce France’s mobile market from four major operators to three, a change long discussed as a potential way to ease the price pressure that has weighed on margins and growth in one of Europe’s most competitive telecoms markets. However, transaction is likely to face close scrutiny from the competition authorities, with each buyer’s role expected to be assessed separately by regulators.
The consortium said the operation would support continued investment in very high-speed networks, cybersecurity, artificial intelligence and strategic infrastructure in France, while maintaining service continuity for SFR customers. The companies also stressed that there is no certainty the negotiations will result in a final agreement.
