Bouygues-led consortium agrees to buy SFR from Altice for 23.44 billion dollars
A French consortium led by Bouygues, alongside Free and Orange, has signed an agreement to buy Altice France's SFR operation for 23.44 billion dollars, CNBC reports. The deal follows Altice's lengthy debt restructuring and would consolidate the French telecom market down to three operators. Brussels and Paris competition reviews could extend into mid-2027.
The Bouygues-led consortium has signed a binding agreement to acquire Altice France's SFR operation for 23.44 billion dollars. CNBC reports the consortium also includes Free, owned by Iliad, and Orange, with the subscriber base, fibre backbone and mobile spectrum rights to be apportioned among the three operators. The deal closes Altice's restructuring of group debt that had exceeded 22 billion euros.
Under the structure chosen, Bouygues emerges as the lead operator, Free adds SFR's broadband subscribers to its existing retail base, and Orange strengthens its wholesale infrastructure rights. Creditors expect Altice to divest its non-French assets, in Portugal and Israel, over the coming quarters. Brussels antitrust officials and the French regulator ARCEP have signalled the review could extend further than initially planned.
The transaction price falls below the upper end of the 2024 restructuring valuation range; analysts attribute the gap to French consumer pricing pressures and softer mobile advertising revenue. These reflect general analyst views and not investment advice.
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