This is one of the most significant operations in the history of French telecommunications. In the night of Saturday, June 6 to Sunday, June 7, 2026, Orange, Bouygues Telecom, and Free (Iliad group) formalized the signing of a memorandum of understanding with Altice France for the acquisition of SFR, the second-largest French mobile operator, for an amount of 20.35 billion euros.
Eight Months of Negotiations, a Historic Transaction
The process was long and tense. A first offer of 17 billion euros had been rejected by Patrick Drahi, head of Altice, in October 2025. An accelerated due diligence, conducted in five weeks by nearly 200 experts, led to a second proposal of 20.35 billion euros, which was accepted in April 2026. After several extensions of exclusivity and a final 48-hour deadline granted on Friday evening, the protocol became official a few minutes before midnight.
A Dismemberment, Not a Classic Acquisition
SFR will not be absorbed by a single entity. The operator will be dismembered among the three members of the consortium:
- Free-Iliad takes over the entirety of the RED by SFR customer base (6 million customers), 1.6 million SFR consumer customers, and 400,000 VSEs, thus crossing the threshold of 31 million subscribers.
- Orange takes over 4.9 million customers through a fraction of SFR's consumer base and the MVNOs Réglo, Syma, and Coriolis.
- Bouygues Telecom absorbs the remaining part and becomes the new number 2 on the French market.
Radio frequencies will be divided among the three operators. Assets not directly acquired (fixed and mobile networks excluding Crozon, IT systems) will remain in an SFR SA structure for at least 30 months, held equally by the trio, to ensure service continuity for customers undergoing migration.
Employees Protected Until 2029
The consortium commits to guaranteeing the employment of all employees within the scope of the acquisition until the beginning of 2029, through the continuation of their contracts or an equivalent job offer. A consultation of staff representative bodies opened immediately after the announcement.
What This Means for Consumers
France will move from four to three national operators, a configuration that is not without competitive risks. The Competition Authority will have to examine the operation before its finalization. European regulators are also closely observing this consolidation: it could serve as a model for other still fragmented European telecom markets.
For current SFR subscribers, no immediate changes will occur. The migration to the new operators' networks will be gradual and managed over several years.
Key Takeaways
- 20.35 Bn€: Amount paid for SFR by the Orange-Free-Bouygues consortium.
- Dismemberment: Free takes over RED by SFR, Orange takes 4.9 million customers, Bouygues takes the rest.
- 31 million subscribers for Free-Iliad after the operation.
- 2029: Employment guarantee for employees in the acquired scope.
- 3 national operators instead of 4 - subject to approval from the Competition Authority.
