France's SFR sale to Bouygues, Free, and Orange valued at €20.35bn

Altice France has signed a protocol to sell SFR for a total of €20.35 billion, with the deal divided among Bouygues Telecom (42% of the price), Free‑Iliad (31%) and Orange (27%). The transaction, still pending regulatory approval, would reshape the French mobile market by reducing the number of major operators from four to three. Bouygues will acquire the largest industrial share, including roughly 5.9 million consumer customers and the SFR Business unit, strengthening its position in enterprise services. Free will take over the entire RED by SFR brand and about 1.6 million additional consumer lines, while Orange receives a smaller but strategic stake.

The agreement guarantees employment for SFR’s 9,000 staff through three‑year fixed‑term contracts extending until early 2029. No immediate subscriber migrations are planned, and the parties argue the consolidation will enable greater investment in 5G, fibre and digital infrastructure, although regulators warn it could lessen competition and affect pricing.