Bouygues-led group agrees €20.35bn SFR deal

June 6, 2026 at 23:19 UTC

2 min read

Cell tower above city skyline illustrating major telecom M&A deal for SFR in European mobile market

Key Points

Bouygues Telecom, Orange (ORAp) and Free-iliad signed an MoU to buy SFR from Altice France for €20.35 billion including debt
The three-way consortium agreed a price split of roughly 42% for Bouygues (ENp), 31% for Free-iliad and 27% for Orange (ORAp)
The memorandum includes break-up fee provisions ranging from €0.1 billion to €2 billion
If regulators approve, the transaction would cut France’s mobile network operators from four to three

Consortium agrees memorandum to acquire SFR

On June 6, 2026, Bouygues Telecom, Orange (ORAp) and the Free-iliad Group announced that they had signed a memorandum of understanding with Altice France to acquire telecom operator SFR. The agreed enterprise value is €20.35 billion, or $23.44 billion, including debt, according to the companies’ public statements.

The agreement positions the three French operators as joint buyers of SFR, one of the country’s main mobile and fixed-line providers. The deal framework was described by the parties as a significant step toward finalising definitive transaction documentation with Altice France.

Financial structure and price allocation

Under the memorandum of understanding, the €20.35 billion consideration is to be shared among the buying consortium. Approximately 42% of the price is allocated to Bouygues Telecom, 31% to the Free-iliad Group and 27% to Orange, the companies said.

The memorandum also provides for break-up fees ranging from €0.1 billion to €2 billion. These provisions would apply if the transaction does not proceed under certain agreed circumstances, although the parties did not disclose further details in their statements.

Timeline to finalise agreements

Alongside the signing of the memorandum on June 6, 2026, the companies said they had given themselves an additional 48 hours from that date to finalise the agreements. During this period they aim to complete the definitive documentation that will govern the transaction.

The parties indicated that the memorandum of understanding sets out the main financial and structural terms of the deal, while detailed contractual arrangements are to be settled within this short extension window.

Regulatory review and market impact

The companies noted that the proposed acquisition of SFR remains subject to regulatory approval. Competition authorities are expected to review the effects of consolidating ownership of a major French telecom operator under the three-member consortium.

If regulators clear the deal, the number of mobile network operators in France would fall from four to three. The parties highlighted this potential market change in their June 6 communications as they prepare for the forthcoming competition review process.

Key Takeaways

The SFR acquisition is structured as a joint purchase by three established French operators, with a clearly defined split of financial commitments.
Break-up fee provisions of up to €2 billion underline the scale and complexity of the transaction and the importance of deal certainty for the parties involved.
Regulatory approval will be central to the outcome, as the transaction would reshape the French mobile market by reducing the number of network operators.