Finance
French telecom giants eye new bid for rival Altice's SFR
Published by Global Banking and Finance Review
Posted on January 22, 2026
2 min readLast updated: January 22, 2026
Quick Summary
Bouygues, Iliad, and Orange are negotiating to acquire Altice's telecom assets in France. The due diligence process started in January, indicating a potential major shift in the telecom sector.
French telecom giants eye new bid for rival Altice's SFR
Overview of the Acquisition Talks
By Gianluca Lo Nostro
Details of the Previous Bid
Jan 22 (Reuters) - French telecoms operators Orange, Bouygues Telecom and Iliad-owned Free said on Thursday they were in ongoing talks with Altice Group to buy a large part of its telecommunications activities in France.
Market Implications
Due diligence started in early January, the three companies said in a joint statement, though they added there was no certainty the process would result in an agreement as the legal and financial terms of the deal had not yet been agreed upon.
Shareholder Reactions
Orange, Bouygues Telecom and Iliad had launched a bid in October to acquire Altice's assets, valuing them at 17 billion euros ($19.9 billion), but the group owned by billionaire Patrick Drahi swiftly rejected the offer.
Altice France owns SFR, France's second-largest telecommunications provider, and any move to carve it out would help consolidate a highly-fragmented European telecoms market.
France has had four operators since Iliad's Free entered the mobile market in 2012. Any proposal to reduce that number to three would need approval from domestic and European antitrust regulators.
The three operators did not disclose any new details about the renewed push to acquire their rival. Under the previous offer, Bouygues would acquire most of the assets, followed by Iliad's Free and Orange.
French financial publication BFM Business was the first to report that the three groups were ready to put forward a new 20 billion euro bid for SFR within two months, citing multiple sources.
Bouygues, Orange and Iliad all declined to comment beyond their joint statement, which was issued in response to media reports. Altice also declined to comment.
Shares in Orange and Bouygues rose more than 3% and 2%, respectively, in early Paris trading, among the best performers on France's CAC 40 benchmark index.
($1 = 0.8554 euros)
(Reporting by Gianluca Lo Nostro in Gdansk; Additional reporting by Mara Vîlcu; editing by Milla Nissi-Prussak)
Key Takeaways
- •Bouygues, Iliad, and Orange are in acquisition talks.
- •The focus is on Altice's telecom assets in France.
- •Due diligence began in early January.
- •The acquisition could reshape the French telecom market.
- •The discussions are ongoing with no final decision yet.
Frequently Asked Questions about French telecom giants eye new bid for rival Altice's SFR
1What is telecommunications?
Telecommunications refers to the transmission of information over significant distances by electronic means. It encompasses a variety of technologies including telephones, internet, and broadcasting.
2What is an acquisition?
An acquisition is a corporate action in which one company purchases most or all of another company's shares to gain control. This can enhance market share and expand business operations.
3What are financial services?
Financial services encompass a broad range of services provided by the finance industry, including banking, investment, insurance, and asset management, aimed at managing money and investments.
4What is investment?
Investment is the act of allocating resources, usually money, in order to generate income or profit. It can involve purchasing assets like stocks, bonds, or real estate.
5What are market trends?
Market trends are the general direction in which a market is moving. They can indicate the overall performance of a sector or the economy and are crucial for making informed investment decisions.