Consortium Led By Bouygues, Orange And Free-iliad Signs MoU To Acquire SFR From Altice France

(RTTNews) - Bouygues Telecom, together with Orange and the Free-iliad Group, has signed a Memorandum of Understanding with Altice France to acquire SFR. The agreement covers most of Altice France-SFR's assets, excluding stakes in XP Fibre, Ultraedge, Altice Technical Services, and operations in France's overseas departments and regions.

The proposed transaction values the assets at 20.35 billion euros, subject to closing adjustments. These include a potential earn-out of up to 0.65 billion euros and possible downward price adjustments or exit provisions depending on SFR's financial performance before closing.

Definitive legal documents are expected to be signed in the second half of 2026, with completion anticipated in the second half of 2027, pending regulatory approvals, particularly from competition authorities. Break-up fees have been agreed, ranging from 0.1 billion euros to 2 billion euros, depending on the initiator and timing of termination. These fees would be shared equally among Consortium members.

The price split remains unchanged from the indicative offer of April 17, 2026: Bouygues Telecom at around 42%, Free-iliad Group at 31%, and Orange at 27%. Percentages may vary depending on customer base changes before closing.

Finally, the Consortium has committed to ensuring employment for all staff within the acquired scope until early 2029, either by maintaining current roles or offering new opportunities.

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