Bouygues, Iliad, Orange Negotiate SFR Acquisition

Bouygues===Bouygues Telecom, the Free-iliad Group, and Orange Group have entered exclusive negotiations with Altice France for the acquisition of Altice France===SFR's majority assets. The offer, valued at 20.35 billion euros, follows a due diligence phase and grants the consortium exclusivity until May 15, 2026. The proposed transaction aims to strengthen investments in very high-speed broadband networks, cybersecurity, and innovation in France, while consolidating control over strategic infrastructure. The B2B business and customers would go to Bouygues===Bouygues Telecom, while the B2C business and customers, along with other assets like infrastructure and spectrum, would be shared among the three buyers. The deal excludes Altice France's shareholdings in ACS/Intelcia, XP Fibre, Ultraedge, Altice Technical Services, and its operations in French overseas departments. The transaction is subject to employee consultation and regulatory approval, particularly merger control guidelines.