Overview

• The three operators submitted a non-binding proposal to acquire most SFR assets for €17 billion, with a planned split of value at 43% for Bouygues Telecom, 30% for Free/Iliad and 27% for Orange.
• Altice France CEO Arthur Dreyfuss told employees the approach was immediately rejected, leaving any further talks contingent on a change in the seller’s stance.
• The offer excludes stakes in Intelcia, UltraEdge, XP Fibre and Altice Technical Services, as well as overseas operations, and envisions a transition company to manage assets during customer migration.
• Any confirmatory offer would require due diligence, consultation with employee representatives and approvals from competition and telecom regulators, with analysts warning the process could take years.
• Unions warn of potential thousands of job losses and have appealed Altice’s recent restructuring, while Economy Minister Roland Lescure pledged vigilance on consumer prices and service quality.