Bouygues, Free and Orange to Acquire SFR in €20.3 bn Deal

A consortium of Bouygues Telecom, Orange and Free‑Iliad signed a memorandum of understanding with Altice France to purchase the French mobile operator SFR for roughly €20.35 billion (about $23.44 billion) including debt. The agreed split of the purchase price is about 42 % for Bouygues, 31 % for Free and 27 % for Orange. The transaction, which could include an additional payment of up to €650 million at closing in the second half of 2027, is subject to approval by French and EU competition authorities. If cleared, the deal would reduce the number of mobile network operators in France from four to three, posing a major test for antitrust regulators. The agreement also contains job‑security guarantees for transferred employees until 2029. French Economy Minister Roland Lescure called the deal a “major and decisive step” for the sector, while Orange executive Christel Heydemann said the company is already discussing regulatory solutions.