Orange signs a joint agreement to acquire SFR, a decisive step that will reinforce its leadership in France

Press release
Paris, 6 June 2026

Orange signs a joint agreement to acquire SFR, a decisive step that will reinforce its leadership in France

Orange, alongside Bouygues Telecom and the Free–iliad Group (taken as a group, the “Consortium”), today announce the signing of a Memorandum of Understanding with Altice France for the acquisition of SFR¹, France’s second-largest telecommunications operator.

This acquisition is in line with Orange’s consolidation strategy in Europe and will enable the Group to reinforce its leadership position in the French market. Once completed, the operation will accelerate value creation for the Group’s stakeholders and will strengthen its capacity to invest in digital infrastructure and services.

This transformational transaction would preserve a highly competitive ecosystem and reinforce the sector’s long-term capacity to invest, innovate and anticipate major technological changes. By enabling each operator to scale up and boost their investment capabilities, this transaction is intended to support the development of more resilient, sovereign and high-performing digital and electronic communications services and infrastructure in France.

The Consortium is paying special attention to the social implications of this operation. The success of a project of this scale depends first and foremost on the women and men who know the networks, systems, customers and local areas. Migrating millions of subscribers, infrastructure and systems is a multi-year industrial program. Service continuity for subscribers depends directly on the skills of the SFR teams, and the Consortium will need their expertise to successfully complete this transformation under the best possible conditions. Furthermore, the Consortium will ensure employment for all the staff of the acquired scope until the beginning of 2029, either by allowing them to continue in their present position or providing them with a job opportunity. All three operators are committed to engaging in constructive dialogue with SFR’s employee representative bodies.

A strategic transaction strengthening Orange in France
As part of this agreement, Orange’s share of the total enterprise value (20.35 billion euros²) amounts to approximately 27%³, or 5.6 billion euros, subject to closing adjustments. These adjustments, which are contingent on SFR’s financial performance up until the closing of the transaction, include:

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