Bouygues-led trio to buy SFR for €20.35B, reshaping France’s telecoms
A Bouygues-led consortium with Free-iliad and Orange agreed to acquire SFR from Altice France for €20.35 billion including debt, a move that would compress France’s mobile market from four to three operators. Bouygues would control about 52% of carved-out SFR revenue, Free-iliad about 27%, and Orange about 21%, with some assets held jointly during a transition. The price split among buyers is roughly €42% Bouygues, €31% Free-iliad and €27% Orange. Regulatory approval is required, with completion targeted for the second half of 2027, and break-up fees ranging up to €2 billion alongside staff employment guarantees through early 2029.