- France’s three largest mobile operators have jointly clarified the terms under which they could buy parts of SFR
- Any deal would depend on asset sales, regulatory approval and a broader restructuring at Altice France
What happened: Conditional bids, cautious tone
According to Telecoms.com, Orange, Bouygues Telecom and Free have all “upped” their proposals in recent weeks, seeking to make a break-up of SFR more attractive to Altice and its lenders. The talks are understood to involve selective asset purchases rather than a full takeover, with mobile customers and network assets among the most valuable pieces.
The renewed bidding follows months of uncertainty around SFR’s future. Altice has been exploring options to stabilise its finances, including debt restructuring and potential asset disposals, after pressure from creditors intensified in 2024. Each prospective buyer has different motivations: Orange would strengthen its market leadership, Bouygues could deepen its scale, while Free – owned by Iliad – has historically used opportunistic deals to disrupt incumbents.
Any transaction would still require approval from French competition authorities, which have previously blocked consolidation seen as reducing consumer choice.
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Why it’s important
For France, the stakes are structural. SFR is one of four national mobile networks; dismantling it would mark a decisive shift towards a more concentrated market. Regulators will be wary of higher prices or slower innovation, even as operators argue that scale is essential to fund 5G and fibre investment.
The outcome will also be watched beyond France, as policymakers across Europe debate whether tighter markets are a necessary trade-off for financially sustainable telecoms.
