Darrois Villey Maillot Brochier advised Bouygues Telecom on the signing of a Memorandum of Understanding between Bouygues Telecom, Free-Groupe Iliad, Orange and Altice France for the acquisition of SFR

Paris, June 9, 2026

Darrois Villey Maillot Brochier advised Bouygues Telecom, a subsidiary of the Bouygues group, on the signing of a Memorandum of Understanding between the consortium comprising Bouygues Telecom, Free-Groupe Iliad, and Orange (the “Consortium”) and Altice France with a view to acquiring SFR SA.

This is one of the largest industrial transactions in Europe in the telecommunications sector.

The transaction is structured as a share deal with the Consortium acquiring SFR SA, and notably provides for the allocation of assets of SFR SA among the Consortium members on the completion date of the transaction, following the approval of the competent competition authorities. Those assets (in particular, the Fixed and Mobile networks excluding Crozon, part of the store network and IT systems excluding B2B) not acquired by the three operators would continue to be managed within SFR SA for a transition period of at least 30 months; during which it would be held in equal shares by the three members of the Consortium, in order to ensure continuity of operations throughout the migration and integration phase.

The proposed transaction is based on a price equating to a total enterprise value of €20.35 billion, subject to certain closing adjustments.

On this basis, the split of the price between buyers would be at around 42% for Bouygues Telecom, 31% for the Free–Iliad Group, and 27% for Orange. These percentages may vary up to the closing of the transaction depending on changes to customer bases.

The final completion of the transaction remains subject to the successful completion of several steps, including prior consultation with employee representative bodies, the signing of the definitive legal documents and the obtaining of the necessary regulatory approvals (in particular clearance from the competent competition authorities).

The Darrois Villey Maillot Brochier team was led by Bertrand Cardi, Christophe Vinsonneau, and Cécile de Narp (partners), with Paul Bertrand (counsel), Catherine Ambos, François Bourassin, and Carla Elbaz dit Nouchy on corporate and M&A matters, Guillaume Aubron (partner), Thomas Servières, Solène Balesi and Camille Chekir on competition law aspects, Martin Lebeuf (partner), Maxime Garcia (counsel) and Sami Tareb on financing matters, and Henri Savoie (partner) and Guillaume Griffart (counsel) on public and regulatory law matters.