The French operators have confirmed renewed discussions with Altice over a potential ménage à trois involving most of its telecoms activities
Bouygues Telecom, Free-iliad Group and Orange have confirmed they are again in discussions with Altice Group regarding a possible transaction to acquire a large part of Altice’s telecommunications activities in France. The talks follow press reports that the three operators have returned to the table after a joint, non-binding offer made last year was rejected by Altice’s owners.
In a joint statement, the operators said discussions were ongoing and that due diligence had begun in early January 2026. They stressed that the legal and financial terms of any transaction had not been agreed and that there was no certainty the process would result in a deal. Any agreement would be subject to governance approvals, customary conditions and regulatory clearance.
The renewed talks come after Altice, controlled by billionaire Patrick Drahi, rejected a €17 billion offer in October last year for a large part of its French business, including most of SFR, France’s second-largest telecom operator. The offer valued Altice France at around €21 billion including debt, according to the bidders, and was declined without a formal explanation. Market analysts and industry observers widely interpreted the rejection as an attempt by Altice’s owners to secure a higher price.
Under the first proposal, the three operators planned to split SFR’s assets between them. Bouygues Telecom was to take the bulk of the corporate customer base along with mobile network assets in less densely populated areas. Free-iliad Group and Orange would have shared the consumer customer base, while infrastructure assets and spectrum holdings were to be divided among the three according to criteria yet to be finalised.
The structure also envisaged the creation of a jointly owned company to manage a lengthy transition period, ensuring continuity of service for SFR customers and enabling the gradual migration of assets and subscribers. That joint entity would have relied on Altice employees during the transition. The deal explicitly excluded Altice’s stakes in Intelcia, UltraEdge, XP Fibre and Altice Technical Services, as well as certain overseas French activities.
The price split reflected the proposed division of assets, with Bouygues Telecom assuming 43% of the deal value, Free-iliad Group 30% and Orange 27%. At the time, the bidders said the offer remained indicative and conditional on due diligence, union consultations and regulatory approval.
Any transaction would reduce the number of mobile network operators in France from four to three, a shift likely to face close scrutiny from French and European competition authorities. Altice, meanwhile, continues to face pressure to reduce debt following a major restructuring that diluted Patrick Drahi’s ownership, adding urgency to negotiations but leaving the outcome uncertain.
