SFR sale to Bouygues, Free and Orange reshapes French telecom market

Altice France has agreed to sell SFR for €20.35 billion to a consortium of Bouygues Telecom, Free and Orange. The bulk of the proceeds will be used to reduce Altice’s debt, with former owner Patrick Drahi expected to receive roughly €2 billion after creditors take a 45 % stake in the company. The transaction also excludes the rural‑fibre unit XPFibre, which may be sold separately.

Under the deal, Bouygues will acquire more than six million retail customers and the entire SFR B2B business, Free will take over the RED by SFR brand, and Orange will receive the remaining customers. Customer migration is planned to start in late 2027 or early 2028 and will run for about 30 months. Bouygues says the switch will require no SIM‑card changes and will not interrupt service; subscribers will be notified when the process begins. The sale remains subject to approval by French regulator ARCEP and competition authorities. No immediate action is required from current SFR customers, and the social plan for SFR employees will be addressed later.