This operation, estimated at 17 billion euros, could fundamentally reshape the French telecoms landscape.
Three historic rivals hand in hand
It’s a scenario that few would have imagined: the three main competitors in the market, Bouygues Telecom, Free and Orange, join forces to present a joint offer to Patrick Drahi, boss of the Altice group. The objective is to take over the majority of SFR’s telecoms activities, excluding subsidiaries such as Intelcia, UltraEdge, XP Fiber or even overseas operations. This proposal, officially submitted on October 14, 2025, remains non-binding, but opens the way to in-depth negotiations.
According to the press release, the offer values the assets concerned at 17 billion euros, i.e. an overall estimate of more than 21 billion for the whole of Altice France. In the event of an agreement, Bouygues Telecom would obtain 43% of the acquired scope, Free 30%, and Orange 27%.
The trio aims to preserve continuity of service for SFR customers, while strengthening investments in network resilience, cybersecurity and artificial intelligence. A promise that comes at just the right time as SFR, heavily in debt, is struggling to maintain its level of quality of service.
Who gets what exactly?
The project provides for a clear distribution:
- B2B activities (businesses) would be taken over mainly by Bouygues Telecom and Free.
- B2C (general public) would be shared between the three operators.
- The infrastructures and frequencies would be equally distributed, except for the mobile network in non-dense areas, entrusted to Bouygues Telecom.
During the transition period, a joint company would manage operations, while SFR customers gradually migrate to their new operators.
But the operation has not yet been completed
If Altice agrees to enter into exclusive discussions, the three groups will have to carry out in-depth due diligence and obtain the green light from the competition authorities and ARCEP. This unprecedented alliance also raises a central question: how can effective competition be maintained if three operators share the assets of the fourth? The initiators assure that this structure “would preserve a competitive ecosystem for the benefit of consumers”, but the file promises to be closely scrutinized in Brussels as in Paris.
However, if it succeeds, this operation would mark the end of SFR as we have known it for thirty years. Born in the 1990s and successively under the hands of Vivendi, Numericable then Altice, the operator with the red square would become a symbol of a mature market, where temporary alliances are better than permanent Price wars. For Bouygues, Free and Orange, it is also an opportunity to consolidate infrastructures that have become strategic, at a time when French digital sovereignty is emerging as a national issue.
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