Altice says 'no' to Bouygues Telecom, Iliad and Orange's bid for Sfr
The offer submitted by the three telcos was non-binding. 43% of the price and value was for Bouygyes
For Altice, it is no. The takeover offer announced on Tuesday evening, 14 October 2025, by the other three mobile phone operators, Bouygues Telecom, Iliad and Orange, has been 'immediately rejected'. It was all in black and white in a letter to employees sent in the morning of today, Wednesday 15 October 2025, signed by Arthur Dreyfuss, CEO of Altice France, the parent company of Sfr.
A halt - now it will have to be understood how momentary - to a big bang that could perhaps have spread from France to the rest of Europe, within the framework of the great telecommunications risiko grappling with the phoenix of an expected, invoked, but for now stalled market consolidation.
Altice's response comes close on the heels of Bouygues Telecom, Iliad and Orange submitting a joint bid to acquire a significant share of the telecommunications activities of the Altice France group, the parent company of Sfr. The bid, submitted to Patrick Drahi and his group's management, ended up outlining a total company value of EUR 17 billion for the business concerned.
Altice's debts
Altice, the group founded by Patrick Drahi, has been under pressure for months due to the weight of its monstrous debt and the difficulties in refinancing it. Only a fortnight ago, the Altice France group finalised the restructuring of its debt, opening the door to a possible sale of its assets. The 'trinity' of French telcos has thus seized the opportunity: a big piece on sale, the possibility of strengthening itself without triggering a price war, and the promise of bringing back under the national flag infrastructures considered strategic. All this with a 'consolidating break-up' that, in any case, would always have to pass the Caudine forks of the EU Commission.
A cake in three slices
The proposed and rejected plan was that Bouygues Telecom would take the bulk of the company's business (B2B), and the mobile networks in less populated areas. Iliad-Free and Orange would share the private (B2C) customers, while infrastructure and frequencies would be divided between the three with criteria yet to be defined. A joint company would manage the transition, guaranteeing continuity of service for Sfr customers. The split between the companies in terms of price and value was expected to be around 43% for Bouygues Telecom, 30% for Iliad and 27% for Orange, the note issued in the evening said.
