Bouygues Telecom, Orange, and Free-Groupe iliad Joint Offer Rejected by Altice

Orange has taken note of Altice's rejection of a non-binding joint offer from Bouygues Telecom, Orange, and Free-Groupe iliad. The offer was made yesterday. Orange Business is a leading global telecommunications service provider with a revenue of 40.3 billion euros in 2024 and 124,600 employees as of June 30, 2025. The group serves 300 million customers worldwide, including 262 million mobile customers and 22 million high-speed fixed customers.

Paris, September 12, 2025 - Orange has acknowledged Altice's rejection of the non-binding joint offer submitted by Bouygues Telecom, Orange, and Free-Groupe iliad. The offer, which was made yesterday, aimed to acquire a significant portion of Altice's activities in France. This rejection comes after a period of negotiations where the joint offer was submitted to explore the potential acquisition of SFR's assets, excluding certain specific holdings and activities.

The joint offer, valued at €17 billion for the targeted assets, was intended to enhance investments in superfast networks, cybersecurity, and new technologies such as artificial intelligence. It also aimed to consolidate strategic infrastructure control and maintain a competitive ecosystem for consumers. However, Altice has chosen not to proceed with the offer, leaving the future of these assets uncertain.

Orange, a leading global telecommunications service provider with a revenue of €40.3 billion in 2024 and 124,600 employees as of June 30, 2025, serves 300 million customers worldwide, including 262 million mobile customers and 22 million high-speed fixed customers. The company's rejection of the offer does not reflect on its financial stability or operational efficiency. Instead, it underscores the complexity and strategic considerations involved in such large-scale acquisitions .

The decision by Altice to reject the offer may open up new opportunities for other potential acquirers or lead to alternative strategic moves by the company. The telecommunications market in France remains competitive and dynamic, with various players vying for market share and strategic assets.