French Telecom Rivals Confirm Joint Talks to Acquire Altice Assets

2026-01-22 companies

Paris, Thursday, 22 January 2026.
On January 22, 2026, competitors Bouygues, Free, and Orange confirmed an unusual joint bid to acquire Altice’s French telecom assets, initiating due diligence for a potentially market-altering transaction.

Unprecedented Market Consolidation

In a move that signals a potential reshaping of the French telecommunications landscape, Orange (EURONEXT:ORA), Bouygues Telecom (EURONEXT:EN), and the Free-iliad Group have formally acknowledged their collaboration regarding the assets of the Altice Group [3]. On January 22, 2026, the three major competitors issued a joint statement confirming that they are engaged in discussions to acquire a significant portion of Altice’s telecommunications activities in France [2][5]. This rare alliance between fierce market rivals underscores the scale and complexity of the potential transaction, which involves due diligence processes that began in early January 2026 [2][4].

Status of Negotiations

Despite the confirmation of talks, the consortium has emphasized that the process remains in a preliminary phase. As of the announcement date, no legal or financial terms have been agreed upon regarding the acquisition [1][5]. The operators cautioned that there is no certainty the ongoing due diligence will result in a final agreement [4]. Any potential deal would remain subject to customary conditions and, crucially, the approval of the governance bodies of all involved companies [5]. The group has committed to further market communication only when appropriate, in accordance with regulatory requirements [2].

A Financial Powerhouse

The combined financial magnitude of the suitors highlights the strategic weight of this consortium. Based on 2024 financial reports, the three operators generated a cumulative revenue of 58.4 billion euros [1][2]. Orange, the largest entity in the group, reported 40.3 billion euros in revenue for 2024 and serves a vast customer base of 310 million worldwide as of September 2025 [2]. The company has been executing its “Lead the Future” strategic plan since February 2023, positioning itself as a central pillar in this potential market consolidation [1].

Strategic Capabilities of Partners

The other consortium members bring significant operational scale and infrastructure to the table. The Free-iliad Group, which has grown to 52 million subscribers since its inception in the early 1990s, reported a turnover of 10.3 billion euros in 2024 [2]. Meanwhile, Bouygues Telecom, established in 1994, generated 7.8 billion euros in revenue in 2024 and maintains a strong infrastructure footing, with its 5G network covering 85% of the French population as of 2025 [1]. The alignment of these three distinct corporate strategies suggests a high-stakes effort to absorb Altice’s activities, though the specific distribution of assets among the consortium members remains undisclosed.

Sources

Telecommunications Consortium