Orange: Bouygues Telecom, Free-iliad Group and Orange submit a joint non-binding offer to acquire a large part of Altice's activities in France

Core Viewpoint - Bouygues Telecom, Free-iliad Group, and Orange have submitted a joint non-binding offer to acquire a significant portion of Altice's telecommunications activities in France, aiming to ensure service continuity for SFR customers in a mature market [1][2]. Summary by Sections Offer Details - The joint offer has a total enterprise value of €17 billion for the targeted Altice group assets in France, implying an enterprise value of over €21 billion for the entire Altice France [2]. - The proposed distribution of the targeted activities is approximately 43% for Bouygues Telecom, 30% for Free-iliad Group, and 27% for Orange [2]. Conditions and Process - The submission of a confirmatory offer is contingent upon the seller's acceptance, completion of due diligence, and a financial and operational assessment [3]. - The transaction will require prior consultation with employee representative bodies and clearance from relevant regulatory authorities before completion [3]. Transition and Management - Any assets that cannot be immediately transferred will be managed by a joint company during a transition period, allowing for the gradual migration of customers, relying on Altice group employees [4]. Business Segmentation - The B2B business will primarily be taken over by Bouygues Telecom and Free-iliad Group, while the B2C business will be shared among Bouygues Telecom, Free-iliad Group, and Orange [6]. - Infrastructure and frequencies will also be shared among the three operators, except for SFR's mobile network in less densely populated areas, which will be taken over by Bouygues Telecom [6].