Overview

• The three operators filed a joint, non‑binding bid to acquire most of Altice’s French telecom activities centered on SFR.
• The targeted perimeter carries an indicative enterprise value of €17 billion, implying more than €21 billion for Altice France, with price split roughly 43% for Bouygues, 30% for Free‑iliad and 27% for Orange.
• The offer excludes stakes in Intelcia, UltraEdge, XP Fibre and Altice Technical Services, as well as operations in France’s overseas departments and regions.
• The plan outlines a carve‑up: B2B mainly to Bouygues and Free‑iliad, B2C shared among all three, infrastructure and frequencies divided, with SFR’s less‑dense‑area mobile network going to Bouygues.
• If accepted, the parties foresee a joint transition company to run assets that cannot be transferred immediately and to enable a gradual customer migration.