"Just before the holidays, one of Europe's top merger sagas of 2025, and the defining story of the continent's telecoms industry, flared back to life as new interest emerged for France's SFR. n mid-December, French media reported that at least four non-binding offers had been submitted to Altice France for parts of the operator's network, in a move likely to push Bouygues Telecom, Iliad (Free) and Orange to enhance their initial bid."
"The SFR acquisition story began last October, when SFR's three French competitors put a joint €17 billion offer on the table for most of the operator's assets. Patrick Drahi, chairman of SFR's parent company Altice, rejected it within hours, judging it far short of his expectations, before circulating an information memo to showcase the strength of SFR's network arm, NetCo, and its corporate division, SFR Business."
"Despite Drahi's swift rejection of their offer, the telco trio has not lost interest in acquiring SFR via their proposed three-way split - an arrangement that could fly better with national and EU competition authorities. In late November, Iliad's chief executive, Thomas Reynaud, said that the rejection had been entirely anticipated, while weeks later, Aude Durand, Iliad's number two, told the Wall Street Journal that the consortium's proposal still had "real potential" and was "well suited to current"
New interest emerged for France's SFR just before the holidays, with French media reporting at least four non-binding offers for parts of Altice France's network. That development is likely to pressure Bouygues Telecom, Iliad (Free) and Orange to improve their joint approach. The SFR situation aligns with an EU agenda promoting consolidation to boost investment, innovation and competitiveness across a fragmented telecoms market. Patrick Drahi rejected a prior joint €17 billion offer, circulated an information memo highlighting NetCo and SFR Business, and signalled readiness to seek a higher price. The three-way split remains on the table and could suit competition authorities.
Read at Business Matters
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