Orange signs agreement for joint acquisition of SFR in France
Orange, alongside Bouygues Telecom and Free, has signed an agreement to jointly acquire SFR. The deal aims to strengthen Orange's leading position in the French telecommunications market.
Paris, June 6, 2026 – Telecom operator Orange announced today that it has signed a Memorandum of Understanding with Altice France for the joint acquisition of SFR, France's second-largest telecommunications operator. The agreement was made alongside Bouygues Telecom and Free-Groupe iliad.
This transaction is part of Orange's European consolidation strategy and is expected to reinforce its market leadership in France. The acquisition aims to accelerate value creation for stakeholders and support the company's investment capacity in digital infrastructure and services. The companies state the operation will preserve a highly competitive ecosystem and bolster the sector's long-term capacity for investment and innovation.
Orange's share of the total enterprise value of the transaction, which is €20.352 billion, is approximately 27%, or €5.6 billion, subject to closing adjustments. This acquisition would add approximately 4 million mobile and 1 million fixed broadband customers to Orange's French base, along with additional spectrum frequencies. The company anticipates cost synergies exceeding €0.5 billion annually five years after closing.
The consortium has committed to ensuring employment for all acquired SFR employees until early 2029 and will engage in social dialogue with relevant trade unions. This is intended to leverage the expertise of SFR's teams during the multi-year industrial integration program.