French carriers Bouygues Telecom, Orange, and Free-iliad sign an MOU with Altice France to acquire SFR for €20.35B, including debt, expected to close in H2 2027

France's telecom landscape is about to get a major shakeup. Bouygues Telecom, Orange, and Free-iliad Group have signed a memorandum of understanding with Altice France to acquire SFR for €20.35 billion, including debt.

That's three of France's biggest carriers joining forces to swallow the fourth. The deal is expected to close in the second half of 2027.

The acquisition would dramatically reshape the French mobile and broadband market, reducing the number of major players from four to three consolidated entities.

At €20.35B all-in, this ranks among the largest European telecom transactions in recent memory. The MOU signals serious intent, though regulatory scrutiny will almost certainly be intense given the competitive implications of three rivals carving up a fourth.