- Altice dismissed the non-binding bid, calling it too low and incomplete.
- The offer, if accepted, would have reshaped France’s telecom market by consolidating major players.
What happened: Altice France has rejected an $18 billion offer from Bouygues Telecom
Altice France, owned by Patrick Drahi, has turned down a joint takeover proposal from Bouygues Telecom, Orange, and Free-Iliad valued at about $18 billion. The consortium offered to buy and divide most of SFR, Altice’s main telecom unit.
In a message sent to employees, Arthur Dreyfuss, chief executive of Altice France, said the offer was “immediately rejected.” SFR confirmed the decision and said the company’s management viewed the valuation as far below its expectations.
The proposal would have broken SFR into several parts. Bouygues would take about 43 percent, Free-Iliad around 30 percent, and Orange roughly 27 percent of the assets. Some business units such as Intelcia, UltraEdge, XP Fibre, Altice Technical Services, and overseas holdings were not included in the offer .
After Altice rejected the bid, the three companies issued a joint statement saying they believed the proposal remained valid and expressed willingness to continue discussions. They said the plan aimed to create a stronger and more efficient telecom sector in France.
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Why it’s important
The rejection shows Altice believes SFR is worth more than $18 billion, even after the company’s heavy debt load. The decision also signals that Drahi wants to keep control rather than sell under market pressure.
If the offer had succeeded, it would have reshaped the French telecom market by reducing the number of main operators from four to three. Such a deal would likely attract close attention from competition authorities and the French finance ministry, which said it will stay “extremely vigilant” about any sale and its impact on prices and jobs.
Altice France has been under financial pressure for years. In August 2025, a Paris court approved a restructuring plan that cut its debt by about $9.8 billion, reducing total obligations from $26 billion to $17 billion. This process made the company more open to asset sales, though Altice still sees SFR as a key strategic asset.
For now, Altice keeps its options open. It may seek new investors, renegotiate the terms, or hold on to SFR while trying to improve its performance and market value.
