Overview

• Orange, Bouygues Telecom and Free–Groupe iliad submitted an indicative €17 billion offer to carve up most SFR telecom assets, proposing a value split of roughly 43% for Bouygues, 30% for Free and 27% for Orange.
• Altice France CEO Arthur Dreyfuss told employees the bid was immediately rejected, as analysts noted the price was at or just below sector valuations and suggested Altice may seek more.
• The buyers outlined a division in which B2B would go mainly to Bouygues (and Free), consumer business would be shared, and SFR’s mobile network in less‑dense areas would be operated by Bouygues.
• The proposal is expressly conditional on due diligence, employee‑representative consultations and competition clearance, with the government pledging to be extremely vigilant about prices and service quality.
• Unions warned of several thousand jobs at risk, and even if negotiations resume, reporting and executives suggest any deal and customer migrations could take years, with completion unlikely before 2026–2027 after Altice’s recent debt restructuring cut to €15.5 billion and handed creditors about 45% equity.