Bouygues Telecom, Iliad and Orange have jointly submitted a €20.35 billion bid to dismantle Altice’s SFR into three parts rather than pursue a single takeover. They are in exclusive negotiations through May 15 to finalize the carve‐up structure, marking a significant shift in France’s long‐running telecom price war.

Under the proposal, Bouygues would receive 42% of SFR’s assets plus its business‐to‐business operations and rural mobile network; Iliad would take 31%; and Orange would secure 27%, with consumer customers divided among all three. Fiber networks, data centers, select technical services and overseas operations are excluded from this transaction.

Following the bid announcement, Orange and Bouygues shares declined as investors weighed potential overpayment and deal complexity. The French government and European competition authorities are set to scrutinize the transaction for impacts on pricing, investment and employment, with each asset block subject to separate review.