Bouygues, Orange and Free-iliad sign €20.35 billion MoU to carve up Altice France's SFR
A consortium of Bouygues Telecom, Orange and the Free-iliad Group signed a memorandum of understanding with Altice France on Saturday, June 6 to acquire SFR, France's second-largest telecom operator, for €20.35 billion (.
At a glance
- Bouygues Telecom, Orange and the Free-iliad Group signed a memorandum of understanding with Altice France on Saturday, June 6, 2026 to buy SFR for €20.35 billion ($23.44 billion) including debt.
- Bouygues would acquire about 52% of the carved-out revenue, Free-iliad about 27% and Orange about 21%.
- Definitive legal documents are expected in H2 2026, with completion possible in H2 2027, subject to regulatory and competition clearance.
- The deal would cut the number of French mobile network operators from four to three.
- SFR is France's second-largest telecom operator, and the transaction ranks among the biggest European telecom deals in recent years.
VERDICT — CONFIRMED
A consortium of Bouygues Telecom, Orange and the Free-iliad Group signed a memorandum of understanding with Altice France on Saturday, June 6 to acquire SFR, France's second-largest telecom operator, for €20.35 billion ($23.44 billion) including debt — among the biggest European telecom deals in recent years. Under the planned carve-up, Bouygues would take the largest share of SFR's assets, accounting for about 52% of the carved-out revenue, with Free-iliad taking some 27% and Orange 21%.
Orange said in its press release that signing of definitive legal documents is expected in the second half of 2026, with completion of the transaction possible in the second half of 2027, subject to clearance from the competent authorities, particularly competition regulators. The break-up would reduce the number of mobile network operators in France from four to three, posing a key test of antitrust authorities' willingness to allow consolidation in Europe's crowded telecoms market, CNBC reported.
Saturday's agreement caps a protracted process in which the three buyers held — and extended — exclusive negotiations with Patrick Drahi's debt-laden Altice France over the SFR assets. Bloomberg reported the transaction at €20.4 billion.
Why it matters
the SFR carve-up is the clearest test yet of Brussels' and Paris's appetite for in-market telecom consolidation — a green light would reprice the M&A calculus across Europe's entire telecom sector.
Key facts on file
- Bouygues Telecom, Orange and the Free-iliad Group signed a memorandum of understanding with Altice France on Saturday, June 6, 2026 to buy SFR for €20.35 billion ($23.44 billion) including debt.
- Bouygues would acquire about 52% of the carved-out revenue, Free-iliad about 27% and Orange about 21%.
- Definitive legal documents are expected in H2 2026, with completion possible in H2 2027, subject to regulatory and competition clearance.
- The deal would cut the number of French mobile network operators from four to three.
- SFR is France's second-largest telecom operator, and the transaction ranks among the biggest European telecom deals in recent years.
