French telco trio finally secures €20.35bn deal to buy rival SFR
Following weeks of complex negotiations, Bouygues Telecom, Iliad, and Orange make a final push over the weekend and wrap up an agreement with SFR owner Altice France.
This article includes:
- Organisations: Altice France; Altice Technical Services; Autorité de la concurrence; Bloomberg; Bouygues Telecom; Brookfield Asset Management; Coriolis; DigitalBridge; European Commission; Iliad Group; Intelcia; KKR; Morgan Stanley Infrastructure Partners; Orange; Prixtel; Régio; SFR; Syma; UltraEdge; Vauban Infrastructure Partners; XpFibre.
- Geographic: Europe; France; French overseas departments and regions.
- People: Christel Heydemann; Patrick Drahi.
- Themes: B2B fixed infrastructure; break-up fees; competition regulation; consortium acquisition; customer migration; data centres; debt restructuring; due diligence; EBITDAaL; enterprise value; fibre-to-the-home; financial performance adjustments; infrastructure sharing; integration phase; memorandum of understanding; mobile network operators; mobile virtual network operators; network deployment; regulatory clearance; share deal; spectrum allocation; telecommunications consolidation; transition period.
- Events: Altice France restructuring October 2025; exclusivity period extension May 2026; final agreement signing June 2026; higher bid submission April 2026; initial non-binding offer October 2025; memorandum of understanding signing June 2026; takeover bid rejection October 2025.
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