Bouygues Telecom, Iliad and Orange Agree to Acquire SFR
Bouygues Telecom, Iliad's Groupe Free, and Orange have signed a memorandum of understanding to acquire SFR. The deal represents one of Europe's largest telecommunications industry transactions.
French telecom operators Bouygues Telecom, Iliad's Groupe Free, and Orange announced on June 6, 2026, the signing of a memorandum of understanding with Altice France to acquire SFR. The transaction values SFR at €20.35 billion enterprise value and is positioned as one of the most significant industrial operations in the European telecommunications sector.
The proposed acquisition aims to foster long-term value creation for all stakeholders and support the ongoing development of France's digital infrastructure and ecosystem. The consortium highlights the deal's potential to maintain a highly competitive industry landscape and enhance the sector's long-term capacity for investment and innovation, thereby strengthening France's digital resilience and performance.
Addressing social aspects, the consortium committed to ensuring employment for all personnel within the acquired scope until early 2029, either through continued employment or alternative job offers. A dialogue with relevant trade union organizations is also planned to manage the transition and integration process.
Under the agreement, SFR's assets and customer base will be divided among the three acquiring entities. Bouygues Telecom will take approximately 42% of the deal's value, Groupe Free will acquire 31%, and Orange will take 27%. The transaction is subject to approval from competition authorities and is expected to significantly reshape the French telecommunications market.