Orange, Iliad and Bouygues plan €20 billion buy of SFR

Three French telecom operators—Orange, Iliad (Free) and Bouygues Telecom—have signed a memorandum of understanding to acquire the assets of SFR, the country's second‑largest operator, from Altice France for an announced price of about €20.3‑20.4 billion, including debt. The consortium intends to split SFR's network, wholesale and retail businesses among the three members after the purchase.

The firms will submit a joint antitrust filing to the French competition authority and, if required, to the European Commission within the coming days. Completion is expected in the second half of next year, subject to regulatory approval, with the transaction potentially finalising as late as 2027. The deal aims to reduce the number of major operators from four to three, promising cost synergies, larger scale for investment and guaranteed employment for SFR staff until early 2029.