Bouygues, Orange and Free sign €20.35 bn deal to acquire SFR

Bouygues Telecom, Orange and Free (Iliad) announced they have signed a memorandum of understanding with Altice France to purchase its subsidiary SFR for a total enterprise value of €20.35 billion, including debt. Under the agreement, Bouygues will fund about 42 % of the price, Free 31 % and Orange 27 %. The transaction is still subject to approval by French competition authorities and is expected to close in the second half of 2027, with a possible earn‑out of up to €650 million. The consortium has pledged to guarantee employment for SFR staff until early 2029. If completed, the deal will reduce the number of mobile network operators in France from four to three, representing one of the largest telecom consolidations in Europe. French Economy Minister Roland Lescure said the announcement “marks a major and decisive step for a structurally important operation for the French and European telecom sector.”