The consolidation of the French telecommunications market is entering its decisive phase. Bouygues Telecom, Orange, and Iliad announced on Friday that they have granted themselves an additional 48 hours to finalize an agreement for the acquisition of the main assets of Altice France, the parent company of SFR. The deal is valued at €20,35 billion in enterprise value and could profoundly reshape the French telecom landscape.
The three operators had already indicated in April that they had reached an agreement in principle on the financial terms of the transaction. However, several contractual aspects still needed to be finalized. Discussions are now continuing in order to reach a definitive agreement with the group controlled by billionaire Patrick Drahi.
A historic market consolidation project
Negotiations surrounding Altice France have been ongoing for several months. As early as January, the three operators confirmed they were in discussions to acquire a large part of the group's telecom activities. This followed an initial joint non-binding offer of €17 billion presented in the fall of 2025.
The stakes are considerable for the sector. Since Free Mobile's arrival in 2012, the French market has been structured around four major national players. This intense competition has largely benefited consumers but has also weighed on operators' margins and investment capacity. The acquisition of SFR's assets could therefore pave the way for a return to three major players.
An essential regulatory green light
Even if the parties reach a final agreement, the transaction will still have to overcome several regulatory hurdles. French and European competition authorities will have to examine in detail the consequences of the merger on the market, particularly with regard to competition, pricing, and territorial coverage.
This step could prove decisive. Regulators have historically been very vigilant regarding consolidation projects in the telecommunications sector. If successful, this operation would constitute one of the most significant restructuring moves in the sector in France in over a decade and would mark a major turning point for the future of the French telecoms market.
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