Finance
French Telecoms Trio Raise Offer for Rival Altice's Sfr to $24 Billion
Published by Global Banking & Finance Review®
Posted on April 17, 2026
2 min readLast updated: April 17, 2026
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On April 17, 2026, Bouygues Telecom, Iliad–Free and Orange submitted a revised €20.35 billion ($23.97 billion) bid for Altice France’s SFR, up from a rejected €17 billion offer in October 2025, signaling renewed push for consolidation in France’s crowded telecom market.
French telecoms trio raise SFR bid to $24 billion in sector shake-up
Major Acquisition Bid in the French Telecoms Sector
By Gianluca Lo Nostro and Leo Marchandon
Details of the Increased Bid
April 17 (Reuters) - French telecoms operators Bouygues, Iliad-Free and Orange said on Friday they had made an increased 20.35 billion euro ($23.97 billion) bid to buy SFR from billionaire Patrick Drahi's Altice France.
Impact on the French Telecoms Market
If it goes ahead, the proposed deal would shake up one of the most competitive telecoms markets in Europe as operators in France have been engaged in a price war for several years, pressuring margins and revenue growth.
Historical Context of Telecoms Acquisitions
It would also represent the largest telecoms acquisition in France since France Telecom's $37 billion acquisition of Orange from Vodafone in 2000.
Negotiations and Regulatory Process
Altice France CEO Arthur Dreyfuss and SFR CEO Mathieu Cocq confirmed in a letter to employees seen by Reuters that exclusive talks were under way with the trio. Altice had rejected an earlier 17 billion euro offer in October.
Any deal would be subject to consultation with the relevant employee representative bodies and would then need clearance from antitrust authorities, the bidders said, adding that an exclusivity period for negotiations lasts until May 15.
Stake Distribution and Asset Exclusions
The proposed deal would give Bouygues Telecom a 42% stake in SFR, with Iliad and Orange taking 31% and 27% respectively. Other assets, mainly fibre network ones and SFR's operations in French overseas regions, are not included in the offer.
Antitrust Review Process
Each operator acquiring a portion of SFR will undergo a separate antitrust review, an Orange spokesperson told Reuters.
Market Reaction and Additional Information
Bouygues shares were down around 1% following the announcement, while Orange's rose around 0.5%.
($1 = 0.8488 euros)
(Reporting by Leo Marchandon and Gianluca Lo Nostro in Gdansk; Editing by David Goodman and Alexander Smith)
Key Takeaways
- •The €20.35 billion offer represents a significant increase from the October 2025 €17 billion bid previously rejected by Altice France (bloomberg.com).
- •If approved, the consortium would own SFR split among Bouygues (≈43 %), Iliad (≈30 %) and Orange (≈27 %) (news.bloomberglaw.com).
- •The deal would require employee consultations and antitrust clearance, and comes amid years of aggressive price competition eroding margins in French telecoms (corporate.bouyguestelecom.fr).
References
Frequently Asked Questions about French telecoms trio raise offer for rival Altice's SFR to $24 billion
1Who are the telecom operators bidding for SFR?
Bouygues, Iliad-Free, and Orange have formed a consortium to bid for SFR.
2How much is the new offer for Altice's SFR?
The consortium has submitted a 20.35 billion euro ($23.97 billion) offer to buy SFR.
3Why was the previous offer for SFR rejected?
Altice rejected the earlier 17 billion euro offer from the consortium in October.
4What are the next steps for the SFR deal?
The deal requires consultation with employee representatives and approval from antitrust authorities.
5How would the SFR ownership be divided among the bidders?
Bouygues would own 42%, Iliad 31%, and Orange 27% of SFR if the bid succeeds.
