French Telecom Giants Bouygues, Free, and Orange Propose Joint €17 Billion Bid for SFR
Bouygues Telecom, Free, and Orange jointly offered €17 billion to acquire SFR assets, signaling a major shift in France's telecom landscape.
- • Bouygues Telecom, Free (Iliad), and Orange made a joint non-binding offer of €17 billion for SFR assets.
- • The offer follows Altice's debt restructuring that reduced debts by €9 billion and CEO Patrick Drahi considering selling SFR.
- • The acquisition could significantly reshape the French telecom market, marking the first major consolidation since 2012.
- • The deal aims to ensure service continuity, enhance network investments, and maintain competitive conditions.
Key details
On October 14, 2025, Bouygues Telecom, Iliad (Free’s parent company), and Orange announced a joint non-binding offer to acquire most of the assets of SFR, the prominent French telecommunications operator. Valued at €17 billion, this strategic move represents a potential major realignment in the French telecom market—something not seen since Free's market entry in 2012.
The three companies released a joint statement confirming their intent to purchase a significant portion of Altice France's assets, which include the SFR brand. This development follows a judicial approval on August 4 of Altice’s debt restructuring plan, which reduced its debts by €9 billion, indicating a shift as CEO Patrick Drahi now contemplates selling SFR.
The proposed acquisition aims to secure uninterrupted service for SFR's customers while emphasizing strengthened investments in network resilience, cybersecurity, and emerging technologies such as artificial intelligence. Additionally, the deal intends to consolidate control over strategic telecom infrastructure in France and preserve a competitive market environment to the benefit of consumers.
This cooperative bid by market leaders signals a key step toward market consolidation in France’s telecom sector, reflecting extensive negotiations since September. The next phase hinges on Patrick Drahi's decision regarding the offer.
According to Le Figaro, the operators stressed the importance of maintaining competitive conditions and enhancing technological capabilities. Liberation and Le Monde highlighted the unprecedented scale of this joint initiative by historically rival telephone companies and underlined its transformative potential for the industry.
As of now, the offer remains non-binding, and further details of the transaction are awaited. This move could reshape France's telecommunications landscape and influence the future of connectivity and investments in the sector.