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Wednesday, Jun 10, 2026
Outside the box.
Orange, Bouygues and Free Make €17 Billion Bid for Drahi’s Altice France Telecom Assets
Offer would carve up SFR’s consumer and infrastructure units among France’s major telecoms, accelerating industry consolidation
Three of France’s leading telecom operators—Orange, Bouygues and Free (via Iliad)—have jointly submitted a nonbinding bid totalling €17 billion to acquire the bulk of Altice France’s telecom assets, including its flagship operator SFR.
The offer represents a bold bid to reshape France’s telecom landscape and significantly reduce creditor exposure of Altice’s debt-laden business.
Under the consortium’s proposal, SFR’s consumer operations would be divided among the three bidders, while its business services arm would be split between Bouygues and Free.
The division of value would allocate roughly 43 percent to Bouygues, 30 percent to Free, and 27 percent to Orange.
Infrastructure assets and mobile spectrum would also be shared.
The bid expressly excludes Altice’s XpFibre asset.
The move comes after Altice France secured court approval in August for a debt restructuring that cuts more than €9 billion, reducing its net debt from €24.1 billion to €15.5 billion, and diluting founder Patrick Drahi’s stake to 55 percent, with the remainder ceded to creditors.
To date, Altice has stated that it has not received any formal offers for SFR during or after the restructuring.
Sources familiar with the talks say this new proposal would remove Drahi’s control of key telecom assets and introduce a wave of consolidation in a market long dominated by four national operators.
The suitors believe that splitting SFR’s assets is the only viable path for regulatory approval, given concerns over dominance and competition.
If accepted, the process is expected to take up to eighteen months and require a thorough regulatory review.
Market watchers note that such a transaction would reduce France’s mobile operators from four to three, raising potential consumer price pressures and antitrust scrutiny.
Analysts say Drahi’s decision to approve debt restructuring has cleared a path for a sale, although valuation, carve-out mechanics and political sensitivities will heavily influence whether the deal succeeds.
The bid intensifies speculation over the future of SFR, which had already been the subject of earlier carve-up discussions by its rivals.
It also signals how distressed telecom assets may drive further consolidation across Europe’s fragmented markets.
The offer represents a bold bid to reshape France’s telecom landscape and significantly reduce creditor exposure of Altice’s debt-laden business.
Under the consortium’s proposal, SFR’s consumer operations would be divided among the three bidders, while its business services arm would be split between Bouygues and Free.
The division of value would allocate roughly 43 percent to Bouygues, 30 percent to Free, and 27 percent to Orange.
Infrastructure assets and mobile spectrum would also be shared.
The bid expressly excludes Altice’s XpFibre asset.
The move comes after Altice France secured court approval in August for a debt restructuring that cuts more than €9 billion, reducing its net debt from €24.1 billion to €15.5 billion, and diluting founder Patrick Drahi’s stake to 55 percent, with the remainder ceded to creditors.
To date, Altice has stated that it has not received any formal offers for SFR during or after the restructuring.
Sources familiar with the talks say this new proposal would remove Drahi’s control of key telecom assets and introduce a wave of consolidation in a market long dominated by four national operators.
The suitors believe that splitting SFR’s assets is the only viable path for regulatory approval, given concerns over dominance and competition.
If accepted, the process is expected to take up to eighteen months and require a thorough regulatory review.
Market watchers note that such a transaction would reduce France’s mobile operators from four to three, raising potential consumer price pressures and antitrust scrutiny.
Analysts say Drahi’s decision to approve debt restructuring has cleared a path for a sale, although valuation, carve-out mechanics and political sensitivities will heavily influence whether the deal succeeds.
The bid intensifies speculation over the future of SFR, which had already been the subject of earlier carve-up discussions by its rivals.
It also signals how distressed telecom assets may drive further consolidation across Europe’s fragmented markets.
