Under the proposed allocation, and based on 2025 data, Bouygues Telecom would notably take over the SFR Business operations and customer base, representing approximately 1.2 billion euros in revenue. It would also acquire a portion of the SFR Consumer business and customer base, comprising approximately 3.8 million mobile customers and 2.6 million fixed-line customers.

Furthermore, it would take over SFR's mobile network in non-dense areas, currently shared with Bouygues Telecom under the 'Crozon' agreement, as well as infrastructure dedicated to fixed B2B, SFR's share in the horizontal FTTH network in part of the very dense area (known as 'Faber'), and a portion of the distribution network.

Based on the 2025 results of the scope targeted by the consortium, the perimeter accruing to Bouygues Telecom represents, under Altice's accounting format, 52% of accounting revenue, or approximately 4.1 billion euros, and 42% of the targeted scope's EBITDAaL after adjustments, or approximately 1 billion euros.

The proposed transaction is based on a total enterprise value of 20.35 billion euros for the relevant Altice France assets, subject to closing adjustments. The price allocation remains unchanged from the indicative offer of April 17: approximately 42% for Bouygues Telecom, 31% for Free-iliad, and 27% for Orange.

The transaction is expected to generate synergies in the region of 1 billion euros per year in EBITDAaL-CAPEX. Integration costs (OPEX and CAPEX) related to the operation are estimated at between 3.5 and 4 billion euros in total for Bouygues Telecom. The bulk of these costs would be incurred over the first five years following completion. The acquisition will be financed through a bank loan fully secured with partner banks.

Together with Orange and Free-iliad Group, Bouygues Telecom has committed to guaranteeing employment for all employees within the acquired scope until early 2029. A consultation period with the relevant employee representative bodies will be opened shortly.

The final completion of the transaction remains subject to prior consultation with employee representative bodies, the signing of definitive legal documentation, the receipt of required regulatory approvals, and the satisfaction of other customary conditions precedent. Closing could occur in the second half of 2027, subject to the fulfillment of the required conditions.