Bouygues, Free and Orange agree to split up SFR

Memorandum of understanding signed to break up SFR: Bouygues takes on approx. 52% of revenues, Free-iliad 27%, Orange 21%. France would in future have only three mobile network operators. Completion after approvals expected for H2 2027; employment guarantee until early 2029. Update 15 July 2026: The European Commission referred the merger review of the break-up to France's Autorité de la concurrence — the national authority will now examine the carve-up of the fourth-largest network operator (closing expected H2 2027 at the earliest). Follow-up: France's competition authority (Autorité de la concurrence), to which the European Commission referred the review, said on 20 July 2026 that scrutiny of the three linked acquisitions (Iliad/Free, Bouygues, Orange) will take at least 18 months — meaning completion is possible no earlier than early 2028. Update (12 Sept 2026): Altice France's central works council (CSE) has taken management to court to compel disclosure of documents, information and answers on the terms of the disposal; Altice France confirmed the suit. The CFDT, CFTC and Unsa unions called a work stoppage for the afternoon of 24 September 2026, considering the redeployment measures on offer inadequate — on their account several thousand employees will lose their jobs. The consultation period has been extended to 6 October 2026; the reporting cites a transaction value of €20.35bn plus a possible €650m earn-out, stakes of 42% for Bouygues, 31% for Free and 27% for Orange, and an employment guarantee running to early 2029 (Echos Plus, 12 Sept 2026). Update (24 Sep 2026): On the strike day against the sale, about a third of SFR's 8,000 employees walked out according to the unions (Unsa: at least 2,660, CFDT: 3,500); the central works council has also filed an urgent application (référé) against Altice France and the buyers at the Paris judicial court, with a ruling due on 26 Oct 2026 (AFP via Boursorama, 24 Sep 2026). The employee representatives have additionally sued the four operators in proceedings on the merits, with hearings scheduled for early December 2026 (AFP via France 24, 24 Sep 2026: https://www.france24.com/fr/info-en-continu/20260924-vente-de-sfr-environ-un-tiers-des-8-000-salari%C3%A9s-en-gr%C3%A8ve-selon-les-syndicats). Update (20 October 2026): Talks between staff representatives and Bouygues Telecom, Free and Orange resumed on 16 October 2026, the first since the breakdown of 21 September; the consortium tabled a new offer whose content was initially not made public (bbox-mag, 16 Oct 2026).