Orange, Bouygues, and Free Negotiate €20 Billion Acquisition of SFR

Orange, Bouygues Telecom and the Free-iliad Group have entered exclusive negotiations with Altice France to acquire SFR following the submission of a new offer valued at 20.35 billion euros enterprise value.

The consortium, led by Bouygues Telecom, Iliad SA (parent of Free) and Orange SA, announced the development on April 17, 2026, after completing a due diligence phase initiated earlier in the year. Altice France has granted the group an exclusivity period until May 15, 2026, to finalize transaction documents and terms.

The offer covers the majority of assets operated by Altice France-SFR, excluding shareholdings in ACS/Intelcia, XP Fibre, Ultraedge and Altice Technical Services, as well as the group’s operations in the French overseas departments and regions.

The proposed transaction aims to strengthen investments in very high-speed broadband network resilience, cybersecurity, innovation and emerging technologies such as artificial intelligence. It also seeks to consolidate control over strategic telecommunications infrastructure in France while maintaining a competitive market ecosystem for consumers.

The consortium described the deal as socially responsible, stating it would help sustain and strengthen the broader digital economy and telecommunications sector in France. The exclusivity period allows time to finalize legal and financial arrangements before any definitive agreement is reached.

Bloomberg reported that the talks represent a potential €20.4 billion deal to acquire billionaire Patrick Drahi’s telecom company SFR, aligning with the consortium’s stated valuation. Multiple French financial and telecommunications outlets confirmed the exclusive negotiation phase began on April 17, 2026.

No further details regarding financing structure, regulatory approvals or potential competing bids have been disclosed as of the announcement date. The parties indicated they will work toward completing the transaction within the exclusivity window, subject to customary closing conditions.