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]. Group 1: Offer Details - The total enterprise value of the assets concerned in France is €17 billion, with an implied enterprise value for the entire Altice France exceeding €21 billion [2]. - The proposed distribution of the targeted activities is approximately 43% for Bouygues Telecom, 30% for Free-iliad Group, and 27% for Orange [2]. Group 2: Transaction Conditions - The submission of a confirmatory offer is contingent upon the seller's acceptance, completion of due diligence, and a financial and operational assessment that validates the assumptions of the indicative offer [3]. - The transaction will require prior consultation with employee representative bodies and must be approved by relevant regulatory authorities before completion [3]. Group 3: Transition 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, with reliance on Altice group employees [4]. Group 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 [7]. - Other assets, including 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 [7].