European Telecom Acquisition

Altice's Debt Crisis Forced a Reluctant Sale

Altice France's founder Patrick Drahi did not sell willingly. At its peak, Altice France carried €24 billion in debt. A court-approved restructuring plan in 2025 cut that to €15.5 billion, but creditors including Pimco and BlackRock took a 45% stake in the company. That pressure left Drahi with little choice but to sell SFR, according to Mobile Europe.

The Consortium's opening bid back in October 2025 was just €17 billion — far below Drahi's hoped-for €30 billion. After months of due diligence and two deadline extensions, the two sides landed at €20.35 billion. A final 48-hour extension was granted as recently as June 5, 2026, Reuters reported, before the deal was signed the following day.

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A Three-Way Split Designed to Beat Antitrust Rules

Earlier attempts to consolidate France's telecom market failed. A proposed Bouygues–Orange merger collapsed in 2016. This time, the three buyers designed the deal differently. By splitting SFR's customers among all three rivals, no single company becomes dominant. That structure is meant to satisfy competition regulators, according to Telecoms.com.

Each Consortium member must now file a separate application with France's Competition Authority. Orange CEO Christel Heydemann has argued that a three-player market is

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Jobs Protected Until 2029, but Unions Remain Nervous

The Consortium pledged to keep all SFR employees on staff until the start of 2029. That covers SFR's roughly 25,000 workers. The deal also guarantees no service interruptions for customers during the transition, according to Orange.

Despite the guarantee, France's CFDT union is worried. Delegate Olivier Pinto said employees are

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Consumers and Government Watch Prices Closely

French President Emmanuel Macron said he will be