Bouygues, Free and Orange Agree to Buy Altice's SFR in €20.4 bn Deal

Altice France has agreed to sell its mobile operator SFR to three French operators—Bouygues Telecom, Free (Iliad) and Orange—for an estimated €20.4 billion. The transaction will split SFR’s assets roughly as follows: Bouygues receives about 42‑52% of revenue‑generating assets, Free takes around 27‑31%, and Orange obtains the remaining 21‑27%.

The deal is intended to alleviate Altice’s heavy debt burden, which stands near €60 billion, while reshaping the competitive landscape of France’s telecom market. Completion depends on approval from French competition authorities and, for Free, a review by the European Commission. The parties anticipate finalising legal documentation later this year, with the transaction expected to close in the latter half of 2027.

Regulatory scrutiny includes potential remedies and compensation clauses ranging from €100 million to €2 billion if the merger is blocked. The sale also outlines that Bouygues will incorporate SFR’s corporate‑client business, while individual mobile and fixed‑line customers will be distributed among the three buyers.