French telecom trio to acquire SFR for €20.35 billion

On 6 June, Orange, Free (Iliad) and Bouygues Telecom announced a €20.35 billion agreement to purchase Altice France’s SFR, the country’s second‑largest mobile operator. The deal includes a possible additional payment of up to €650 million at closing, with the three buyers dividing SFR’s assets and customers:

- Free will take the RED by SFR brand and roughly 8 million subscribers, plus part of the retail market. - Bouygues will acquire the B2B segment and about 6.4 million customers, as well as coverage in low‑density areas and a share of the FTTH network. - Orange will receive around 4.9 million customers and several MVNO portfolios.

The purchase price is split approximately 42 % to Bouygues, 31 % to Free and 27 % to Orange. All parties have pledged to safeguard the 8 000 SFR jobs until early 2029 and to engage in social dialogue with unions. The transaction remains subject to approval by competition authorities, which are expected to review its impact on market competition, consumer prices and network investment. If cleared, legal completion is targeted for the second half of 2027, reshaping the French telecom market into three major operators.