# Consortium acquisition of SFR by Orange, Bouygues and Free

> Live situation record from CLSTR: https://clstr.news/situations/orange-pushes-forward-with-major-telecom-acquisitions-from-sfr-talks-to-masorange-completion
> Updated: 2026-08-15T12:10:00.000Z. Sources: 73. Developments: 20.

In April 2026, a consortium of Orange, Bouygues Telecom, and Iliad (Free) entered exclusive negotiations to acquire SFR from Altice France for approximately €20.35 billion. On 6 June, the parties signed a memorandum of understanding to split assets: Bouygues would receive roughly 42%, Free 31%, and Orange 27%. The deal includes an earn-out of up to €650 million and guarantees for roughly 8,000–9,000 SFR staff until early 2029.

Regulatory scrutiny has intensified. The French competition authority opened a formal probe in July, with President Benoît Cœuré warning that a “four-to-three merger... will, of course, raise competition concerns.” The European Commission has also deferred review to France. While the consortium aims to use synergies for 5G and fibre roll-out, regulators are monitoring potential price increases and market concentration.

Recent developments highlight complexities in the transition. While the consortium pledged job security, a long-term plan titled ‘Renaissance’ suggests that by 2029, only a fraction of the 8,000 employees may remain, with Bouygues expected to take about 2,300, Orange between 250 and 300, and Free approximately 54. Additionally, Bouygues has begun internal reorganizations to prepare for potential integration. The transaction is expected to close in the second half of 2027, followed by a 30-month customer migration period.

## Timeline

### 2026-08-15: Bouygues, Free, and Orange propose joint takeover of SFR

Bouygues, Free, and Orange have proposed a joint €17 billion acquisition of SFR, involving an industrial carve-up of assets and a long-term restructuring of the workforce by 2029.

2 sources. https://clstr.news/cluster/bouygues-free-and-orange-propose-joint-takeover-of-sfr

### 2026-07-20: French Telecom Operators Pursue SFR Takeover as Antitrust Review Looms

Bouygues Telecom reorganises ahead of a potential SFR takeover. Orange, Bouygues and Iliad have offered €20.35 bn for SFR, triggering an 18‑month antitrust review in France.

4 sources. https://clstr.news/cluster/french-telecom-operators-pursue-sfr-takeover-as-antitrust-review-looms

### 2026-06-15: SFR sale to Bouygues, Free and Orange reshapes French telecom market

SFR is being sold to Bouygues, Free and Orange for €20.35 bn; most proceeds will pay down Altice debt, with Drahi receiving about €2 bn. Customer migration begins late 2027, lasting ~30 months, with no SIM swap

2 sources. https://clstr.news/cluster/sfr-sale-to-bouygues-free-and-orange-reshapes-french-telecom-market

### 2026-06-12: Bouygues Telecom aims to challenge Orange after acquiring SFR stake

Bouygues Telecom will acquire 42% of SFR, becoming France’s second operator behind Orange, with regulators reviewing the deal and the company pledging no immediate price hikes.

2 sources. https://clstr.news/cluster/bouygues-telecom-aims-to-challenge-orange-after-acquiring-sfr-stake

### 2026-06-11: French telecom trio's SFR acquisition faces competition scrutiny

Orange, Bouygues and Iliad (Free) aim to buy SFR for about €20‑23 bn, splitting assets among them, but France’s competition authority warns the deal may raise prices and is under EU review.

2 sources. https://clstr.news/cluster/french-telecom-trios-sfr-acquisition-faces-competition-scrutiny

### 2026-06-11: France's ARCEP monitors €20.35bn SFR takeover by Bouygues, Free and Orange

France's ARCEP acknowledges a €20.35bn SFR acquisition by Bouygues, Free and Orange, pledging oversight of network coverage while the Competition Authority reviews the deal for anti‑competition risks.

2 sources. https://clstr.news/cluster/frances-arcep-monitors-2035bn-sfr-takeover-by-bouygues-free-and-orange

### 2026-06-09: Bouygues, Free and Orange Agree to Buy Altice's SFR in €20.4 bn Deal

Altice will sell SFR to Bouygues, Free and Orange for about €20.4 bn, dividing assets among them pending French and EU regulator approval, relieving Altice’s massive debt.

2 sources. https://clstr.news/cluster/bouygues-free-and-orange-agree-to-buy-altices-sfr-in-204-bn-deal

### 2026-06-08: France's SFR sale to Bouygues, Free, and Orange valued at €20.35bn

Altice France will sell SFR for €20.35 bn to Bouygues, Free‑Iliad and Orange, splitting customers and networks; the deal awaits regulator sign‑off and secures 9,000 jobs until 2029.

2 sources. https://clstr.news/cluster/frances-sfr-sale-to-bouygues-free-and-orange-valued-at-2035bn

### 2026-06-07: Orange, Iliad and Bouygues plan €20 billion buy of SFR

Orange, Iliad and Bouygues plan to buy SFR for €20 billion, split its assets and seek regulator approval, aiming to reshape France's telecom market.

2 sources. https://clstr.news/cluster/orange-iliad-and-bouygues-plan-20-billion-buy-of-sfr

### 2026-06-07: French telecom trio Orange, Free and Bouygues to acquire SFR

Orange, Bouygues and Free signed a €20.35 bn deal to buy SFR, splitting assets and guaranteeing jobs, pending EU/France antitrust approval.

4 sources. https://clstr.news/cluster/bouygues-free-and-orange-finalize-2035bn-acquisition-of-sfr

### 2026-06-07: Bouygues, Free and Orange to Acquire SFR in €20.3 bn Deal

Bouygues Telecom, Orange and Free‑Iliad will buy Altice France’s SFR for about €20.3 bn, pending regulator approval, cutting French mobile operators to three.

3 sources. https://clstr.news/cluster/bouygues-free-and-orange-to-acquire-sfr-in-203-bn-deal

### 2026-06-07: Bouygues, Orange and Free‑iliad form consortium to acquire SFR for €20.3 bn

Bouygues, Orange and Free‑iliad signed an MoU to buy Altice’s SFR for about €20.3 bn, with a 42‑31‑27% split, earn‑out provisions and a pledge to keep staff employed until 2029; completion expected 2027 pending

5 sources. https://clstr.news/cluster/bouygues-orange-and-freeiliad-form-consortium-to-acquire-sfr-for-203-bn

### 2026-06-05: French telecom trio to acquire SFR for €20.35 billion

Orange, Free and Bouygues agreed to buy SFR for €20.35 bn, splitting its assets and guaranteeing 8,000 jobs pending regulatory approval, with completion aimed for 2027.

10 sources. https://clstr.news/cluster/frances-sfr-sale-to-rivals-valued-at-over-20-billion-enters-final-negotiation-phase

### 2026-06-05: Bouygues, Orange and Free sign €20.35 bn deal to acquire SFR

Bouygues, Orange and Free have signed a €20.35 bn agreement to buy SFR from Altice, pending regulator approval, which would cut France’s mobile operators from four to three.

24 sources. https://clstr.news/cluster/frances-sfr-sale-to-bouygues-free-and-orange-extended-for-final-talks

### 2026-06-03: SFR acquisition by Orange, Free and Bouygues faces talent retention challenge

France's €20.35 bn SFR sale to Orange, Free and Bouygues will create a three‑operator market, split customers 42‑31‑27%, and faces a talent‑retention hurdle for 8,000 staff until the 2028 final approval.

2 sources. https://clstr.news/cluster/sfr-acquisition-by-orange-free-and-bouygues-faces-talent-retention-challenge

### 2026-05-15: France's SFR acquisition talks extended to June 5 2026

French SFR sale talks between Bouygues, Iliad and Orange pushed to June 5 2026, with a €20.35 bn offer that could cut the market to three operators.

4 sources. https://clstr.news/cluster/frances-sfr-acquisition-talks-extended-to-june-5-2026

### 2026-05-15: Orange's Sosh brand launches low‑cost fiber boxes and a cheap 130 GB mobile plan in France

Sosh adds €24.99/€26.99 fiber boxes up to 8 Gbps and a €8.99 mobile plan with 130 GB on Orange’s network.

2 sources. https://clstr.news/cluster/oranges-sosh-brand-launches-lowcost-fiber-boxes-and-a-cheap-130-gb-mobile-plan-in-france

### 2026-05-13: Altice France extends exclusivity deadline for Bouygues, Iliad and Orange amid SFR takeover talks

Altice France pushes exclusivity deadline to June 5 as Bouygues, Iliad and Orange continue SFR deal talks.

2 sources. https://clstr.news/cluster/altice-france-extends-exclusivity-deadline-for-bouygues-iliad-and-orange-amid-sfr-takeover-talks

### 2026-05-06: Orange launches new Sosh fibre offers and vows no price hikes after SFR takeover

Orange adds two Sosh fibre plans and says its SFR purchase won’t raise mobile prices.

3 sources. https://clstr.news/cluster/orange-launches-new-sosh-fibre-offers-and-vows-no-price-hikes-after-sfr-takeover

### 2026-04-17: French telecoms trio enters exclusive talks to acquire SFR from Altice France

Bouygues, Iliad and Orange bid ~€20bn for Altice France's SFR, with exclusive talks; later reports cite €20.35bn after due diligence.

8 sources. https://clstr.news/cluster/french-telecoms-trio-enters-exclusive-talks-to-acquire-sfr-from-altice-france

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Cite as: Consortium acquisition of SFR by Orange, Bouygues and Free. CLSTR, https://clstr.news/situations/orange-pushes-forward-with-major-telecom-acquisitions-from-sfr-talks-to-masorange-completion