Ashurst advises Bouygues Telecom on acquisition of SFR by a consortium formed with Orange and Iliad

Global law firm Ashurst has advised Bouygues Telecom on competition law aspects in connection with the planned acquisition of certain assets of SFR, which resulted in the signing of a memorandum of understanding between the consortium formed by Bouygues Telecom, Iliad and Orange, and Altice France, for a total amount of €20.35 billion including debt.

Ashurst will continue to advise Bouygues Telecom in obtaining merger control clearances. If approved by the competition authorities, this transaction will rank among the largest European telecommunications deals in recent years.

Under the proposed terms, Bouygues Telecom would acquire the largest share of the assets, representing approximately 42% of the transaction value, ahead of Iliad with 31% and Orange with 27%. The plan also provides for Bouygues Telecom to take over a significant portion of SFR's B2B operations, while the consumer business would be divided among the three operators. Completion of the transaction is expected in the second half of 2027, subject to regulatory approvals.

The Ashurst competition team was led by Christophe Lemaire (partner), assisted by Guillaume Vatin and Irene Madero (senior associates), Morgane Gloaguen (associate), and Mathilde Courtois (lawyer), in Paris, and Denis Fosselard (partner) and Maëlle Lallemant (senior associate) in Brussels.

Bouygues Telecom was also advised by law firm Darrois Villey Maillot Brochier, in particular for M&A aspects.