Mayer Brown advised Altice France on the signing of a Memorandum of Understanding regarding the sale of SFR to Bouygues Telecom, Free-Groupe Iliad, and Orange

Paris – Mayer Brown advised Altice France on tax and structuring aspects in connection with the signing, on June 6, 2026, of a Memorandum of Understanding with Bouygues Telecom, Free-Groupe iliad, and Orange regarding the sale of SFR.

The proposed transaction, which values the relevant assets of Altice France at €20.35 billion in enterprise value, subject to certain price adjustments upon completion of the transaction, is one of the largest European industrial transactions ever announced in the telecommunications sector.

This transaction is part of a major restructuring of the French telecommunications market. It involves the acquisition of SFR by a consortium comprising Bouygues Telecom, the Free-Groupe Iliad, and Orange, as well as the gradual allocation of certain SFR assets and operations among the consortium members. A transition period is also planned to ensure the operational continuity of the affected businesses and their transfer to the various acquirers.

The completion of the transaction remains subject to several conditions, including consultation with the relevant employee representative bodies and the obtaining of the necessary regulatory approvals, particularly regarding merger control.