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Stock Markets April 17, 2026 04:33 AM

Bouygues, Iliad and Orange in exclusive talks to acquire SFR for €20.35 billion

Consortium agrees purchase price and outlines division of assets and customers as exclusivity runs through May 15

By Priya Menon
Bouygues, Iliad and Orange in exclusive talks to acquire SFR for €20.35 billion

Bouygues Telecom, Iliad and Orange have entered into exclusive negotiations with Altice France to buy SFR for €20.35 billion. The proposed allocation would give Bouygues 42%, Free-Iliad 31% and Orange 27%. Business-to-business units would move to Bouygues Telecom while consumer operations would be split among the three buyers. Infrastructure and spectrum will be shared, except for SFR's mobile network in less densely populated areas which Bouygues would take over. The offer excludes several Altice France assets and overseas operations, and aims to bolster investments in high-speed broadband, cybersecurity, innovation and technologies including artificial intelligence.

Key Points

  • Bouygues Telecom, Iliad and Orange are in exclusive negotiations to acquire SFR for €20.35 billion, with exclusivity running until May 15.
  • Proposed ownership split would allocate 42% to Bouygues, 31% to Free-Iliad and 27% to Orange; B2B operations would go to Bouygues while B2C assets would be divided among the three.
  • Infrastructure and spectrum assets would be shared among the buyers, except SFR's mobile network in less densely populated areas which Bouygues would take; the offer excludes specific Altice France units and overseas operations.

Bouygues Telecom, Iliad and Orange have opened exclusive talks with Altice France to purchase SFR for a total consideration of €20.35 billion, Bouygues said on Friday. Altice has granted exclusivity to the three suitors until May 15 to complete the transaction terms.

Under the framework presented, Bouygues would obtain a 42% holding in the combined entity, Free-Iliad would secure 31% and Orange would take 27%. The proposed division of operations separates business-to-business and business-to-consumer activities: the B2B arm and its customers would be transferred to Bouygues Telecom, while the B2C segment and its customers would be distributed across Bouygues Telecom, Iliad and Orange.

Infrastructure and spectrum assets are to be shared between the three buyers with one notable exception - SFR's mobile network servicing less densely populated areas would be transferred in full to Bouygues Telecom. The offer is comprehensive in scope for most assets run by Altice France-SFR but explicitly excludes a number of units: ACS/Intelcia, XP Fibre, Ultraedge, Altice Technical Services and overseas operations are not part of the bid.

According to the statement, the transaction is positioned to strengthen investments in very high-speed broadband networks, cybersecurity, innovation and new technologies including artificial intelligence, while consolidating control over strategic infrastructure in France.

Summary of the proposal

  • Purchase price: €20.35 billion.
  • Ownership split under the proposed structure: Bouygues 42%, Free-Iliad 31%, Orange 27%.
  • Operational split: B2B to Bouygues Telecom; B2C divided among Bouygues Telecom, Iliad and Orange.
  • Infrastructure and spectrum to be shared, except for the rural mobile network to be taken by Bouygues Telecom.
  • Excluded assets: ACS/Intelcia, XP Fibre, Ultraedge, Altice Technical Services and overseas operations.

Context and stated priorities

The buyers say the arrangement will support heightened investments in ultra-fast broadband, cybersecurity measures, and innovation efforts, including work on artificial intelligence. The statement frames the deal as a consolidation of strategic infrastructure within France.

Next steps

Exclusivity has been granted through May 15, during which the parties are expected to finalise the detailed terms of the transaction.

Risks

  • Exclusivity is time-limited until May 15, creating uncertainty about whether final terms will be agreed within that period - this impacts transaction completion risk and timelines.
  • The offer excludes several Altice France assets and overseas operations (ACS/Intelcia, XP Fibre, Ultraedge, Altice Technical Services), leaving questions about the treatment of those businesses post-transaction.
  • The division of business-to-consumer operations among three buyers and shared control of infrastructure and spectrum, with a specific carve-out for the rural mobile network, introduces complexity in integration and operational coordination.

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