Bouygues Telecom, Free, and Orange Agree to Acquire SFR in €20.35 Billion Deal

Bouygues Telecom, Free (Iliad), and Orange have reached a landmark agreement to acquire the telecommunications operator SFR from Altice France for a total of €20.35 billion. This deal, finalized on June 6, 2026, is one of the largest industrial operations in the European telecommunications sector and signals a significant shift toward a three-operator model in France's telecom market.

Following intense negotiations extended by 48 hours, the acquisition includes a potential price adjustment of up to €650 million upon completion, which is anticipated in the second half of 2027. A notable commitment in the agreement is the guarantee of job security for SFR employees until early 2029.

The financial contributions among the three buyers have been allocated with Bouygues Telecom covering 42% of the acquisition cost, Free at 31%, and Orange at 27%. In terms of client and service allocation, Bouygues Telecom will take over the business-to-business segment of SFR along with part of its consumer operations. Free will acquire clients primarily from the RED by SFR brand and some residential customers, while Orange will absorb roughly 4.9 million SFR clients.

Despite the agreement's finalization, the deal remains subject to approval by competition authorities, and there is no certainty that it will be completed. Regulatory scrutiny will focus on the implications of such a concentration of market power among the three largest French telecom operators.

This acquisition represents a crucial realignment in the French telecommunications landscape, forcing the sector back to a competitive equilibrium among three major players. According to Franceinfo, the deal demonstrates a "return to a three-operator model in France" and is characterized as a major industrial operation in Europe.

As reported by Liberation, the sale involves the operator owned by billionaire Patrick Drahi and stresses the need for regulatory review before proceeding. BFMTV also confirmed the parties' successful agreement, marking a significant development for the telecom industry in France.