Paris, October 15, 2025 — French telecom giant Altice France has officially rejected a joint acquisition proposal from Bouygues Telecom, Orange SA, and Free-Iliad Group to purchase its flagship mobile operator SFR, according to a report from Agence France-Presse (AFP).

The three rival telecom operators had submitted a non-binding offer valued at approximately €17 billion (about $19.77 billion) for a major portion of Altice’s French operations, including SFR — one of France’s largest mobile and broadband networks.

However, Altice swiftly dismissed the bid, informing employees that it had “immediately rejected” the proposal, reaffirming its commitment to retaining full control of its telecommunications assets in France.

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A Strategic Refusal Amid Industry Consolidation

The rejection comes at a time when the French telecom sector is seeing renewed interest in consolidation. Rising infrastructure costs, intense price competition, and the need for heavy investments in 5G and fiber-optic networks have pushed several industry players to explore potential mergers or partnerships.

By rejecting the €17 billion offer, Altice — owned by billionaire Patrick Drahi — has signaled confidence in the long-term profitability and strategic importance of SFR, its most valuable telecom unit.

SFR provides mobile, internet, and TV services to millions of customers across France and has been a cornerstone of Altice’s European operations since its acquisition in 2014.

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Details of the Offer

According to industry insiders, the Bouygues-Orange-Iliad consortium intended to divide SFR’s operations among the three companies to avoid potential antitrust hurdles. The plan would have potentially reshaped the competitive landscape of the French telecommunications market, reducing the number of major network operators from four to three.

The proposal, valued at €17 billion, reflected both the strategic importance and financial challenges facing Altice, which has been burdened by heavy debt exceeding €50 billion globally. Analysts speculated that a sale could have helped the group reduce leverage and stabilize its balance sheet.

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Altice’s Position and Future Outlook

Despite its substantial debt load, Altice France maintains that SFR remains a key growth driver and that divesting it would undermine the company’s core strategy. In its internal communication, Altice emphasized a continued focus on network modernization, digital transformation, and customer service improvements.

Industry experts believe Altice’s rejection of the bid may indicate upcoming efforts to restructure debt, attract new investors, or spin off non-core assets instead of selling its main telecom operations.

“Altice is clearly sending a message that it sees more value in retaining and optimizing SFR than in selling it at current market valuations,” said a Paris-based telecom analyst.

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Industry Reactions and Market Implications

The refusal has stirred mixed reactions across the European telecom industry. Some analysts view Altice’s stance as a show of strength, while others see it as a risky bet given the company’s mounting financial obligations.

For Bouygues, Orange, and Iliad, the rejection marks a missed opportunity to consolidate resources and strengthen their market positions in one of Europe’s most competitive telecom markets.

Nonetheless, market watchers expect further discussions and possible revised offers in the coming months, as consolidation pressures continue to shape the future of France’s telecom industry.

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Conclusion

Altice France’s decision to reject the €17 billion joint takeover bid underscores its determination to protect SFR’s strategic value amid financial and competitive pressures. As the French telecom sector evolves, the spotlight remains on whether Altice can successfully balance its debt reduction goals with its long-term investment commitments.