Altice France has declined a joint offer from a group of French telecom operators to buy its subsidiary SFR. The offer, which would have seen the state‑owned companies merge their operations with SFR, was valued at around €47 billion (about $52 billion) and included a licensing agreement to use the SFR brand.
The consortium, led by Orange, SFR itself and another regional operator, argued that a combined company would better compete with Vodafone France and the new player, Iliad. However, Altice France said that the bid did not meet its valuation expectations and that the terms were too restrictive.
“We appreciate the interest of our peers, but the proposal falls short of what we seek for our shareholders,” said Altice’s chief executive. “SFR remains a valuable asset and we are looking at alternative strategies that deliver greater value.”
SFR itself posted revenues of €17 billion last year and brought in around 13 million mobile subscribers. The network covers most of the French mainland, but the company has faced intense price pressure from its rivals.
The rejection comes at a time when the French telecom market is undergoing a wave of consolidation. The government has been encouraging mergers to reduce fragmentation and improve investment in 5G rollout. A successful deal between Orange, SFR, and the regional operator would have created the largest telecom group in France, but the offer’s price and regulatory hurdles have proved too difficult to overcome.
Industry observers point out that Altice may still be open to a future partnership or strategic investment. The firm has recently announced plans to invest heavily in its fiber network and to expand into the growing market for home automation services. A stronger grid could help it compete with the likes of Iliad, which has recently launched a high‑speed broadband service.
In the meantime, the French regulator will review the offer and any subsequent re‑offers before deciding whether to approve a merger. The market remains in flux as players weigh the benefits of larger scale against the regulatory scrutiny that consolidation often invites.
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