Altice France has declined a €17 billion bid from three French telecom competitors — Bouygues Telecom, Iliad’s Free, and Orange — aimed at acquiring most of SFR’s assets. CEO Arthur Dreyfuss said the offer, which valued the company at roughly €21 billion, was “immediately rejected.”
The proposal had energized the Paris stock market, with Bouygues and Orange shares climbing sharply before the rejection announcement. However, all three bidders stood by their offer, calling it a strategic opportunity to strengthen France’s telecom sector and deliver better value to customers and investors alike.
Analysts at J.P. Morgan described the bid as “better than expected,” valuing SFR’s standalone worth at €16 billion but suggesting synergies could justify a higher price. Finance Minister Roland Lescure said the government — which holds a major stake in Orange — would closely monitor the deal’s effects on prices and service quality, underscoring that competition authorities would play a decisive role.
SFR, with over 19 million mobile and 6.1 million fiber subscribers, remains France’s second-largest telecom operator. The rejection may delay consolidation efforts in the European telecom industry, though analysts expect discussions to continue as the market seeks stronger profitability and scale.
