Progress in SFR Acquisition by the Bouygues, Orange and Iliad Trio
The consortium comprising Bouygues, Iliad and Orange is reportedly in advanced negotiations to acquire SFR, Altice's French subsidiary, according to Bloomberg, citing sources close to the matter.
Discussions are now said to be focused on the final terms of the transaction. An announcement could be made in the coming days. Billionaire Patrick Drahi, owner of Altice, is reportedly targeting a valuation of over €20bn for the asset.
The consortium had submitted a €17bn bid in October 2025. According to Bloomberg, a formal due diligence process was launched in January 2026 in anticipation of a potential sweetened offer.
This transaction would reduce the number of major operators in France from four to three and could alleviate competitive pressure.
Bouygues SA is a diversified services group organized around four sectors of activity:
- construction (48.7% of net sales): construction and maintenance of transportation, leisure, and urban development infrastructures (57.2% of net sales; Colas; No. 1 worldwide for roads), building and public works activities concerning networks, electrical and thermal engineering, and facility maintenance (37.9%; Bouygues Construction), and real estate development (4.9%; Bouygues Immobilier);
- multi-technical services (32.7%; Equans);
- telecommunication (14.2%; Bouygues Telecom): mobile telephony, fixed telephony, Internet access, etc.;
- media (4%; TF1) ;
- other (0.4%).
Net sales are distributed geographically as follows: France (49.8%), European Union (14.6%), Europe (14.1%), North America (12.1%), Asia-Pacific (5.2%), Africa (2.9%), Central and South America (1%), and Middle East (0.3%).
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