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Bouygues, Iliad, Orange to Acquire SFR for €20.35B, Review Pending

6/8/2026

Summary

Carriers Acquire SFR

Bouygues Telecom, Iliad (Free) and Orange have agreed to buy SFR for €20.35 billion.
Bouygues will acquire SFR’s B2B segment and most fixed-line and mobile customers.
Iliad will receive the RED brand and about two million contracts.
The deal faces a French competition review that could block it.
Analysts warn the merger could cut competition and lift prices while fraudsters may exploit SFR’s recent cyberattack to target customers.

Summary

Orange Submits SFR

Bouygues and Orange will submit the SFR takeover to French competition authorities only, while Iliad will file with the European Commission.
Orange CEO Christel Heydemann said a single authority should lead the review to keep the process efficient.
Because they generate over two-thirds of EU turnover, Orange and Bouygues are exempt from mandatory EU Commission notification.
Orange expects more than €500 million in annual cost synergies from the deal.

Summary

Orange Acquires Spectrum

Orange will acquire 47 MHz of SFR spectrum, raising its French holdings to 221 MHz.
The deal adds 4 million mobile customers and 1 million broadband customers, lifting Orange’s mobile base by 18 % and broadband base by 8 %.
Orange values its share of the transaction at €5.6 billion and expects €0.9 billion of annual EBITDAaL after integration.
Integration costs total €1.3 billion over five years, while synergies are expected to exceed €0.5 billion annually, mainly from network optimisation.

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Carriers Acquire SFR

Bouygues Telecom, Iliad (Free) and Orange have agreed to buy SFR for €20.35 billion.
Bouygues will acquire SFR’s B2B segment and most fixed-line and mobile customers.
Iliad will receive the RED brand and about two million contracts.
The deal faces a French competition review that could block it.
Analysts warn the merger could cut competition and lift prices while fraudsters may exploit SFR’s recent cyberattack to target customers.

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