Core Viewpoint - The consortium of Bouygues Telecom, Free-iliad Group, and Orange is in discussions with Altice Group regarding a potential acquisition of a significant portion of Altice's telecommunications operations in France [1][2]. Group 1: Company Overview - **Orange**: A leading global telecommunications operator with revenues of €40.3 billion in 2024 and a workforce of 124,100 employees worldwide as of September 30, 2025. The company serves 310 million customers globally, including 270 million mobile and 23 million fixed broadband customers [3]. - **Free-iliad Group**: Established in the early 1990s, it is a major European telecom player with over 18,000 employees and 52 million subscribers. The group generated €10.3 billion in revenues over the last twelve months, with 23.2 million subscribers in France as of September 30, 2025 [5]. - **Bouygues Telecom**: A subsidiary of the Bouygues group, it provides digital communication services in France. It has 27.1 million mobile customers and 5.3 million fixed customers, with a 4G network covering 99% of the French population and a 5G network covering over 84% [6][7]. Group 2: Strategic Initiatives - **Orange's Strategic Plan**: In February 2023, Orange introduced its strategic plan "Lead the Future," focusing on a new business model that emphasizes responsibility and efficiency, aiming to enhance service quality through network excellence [4]. - **Bouygues Telecom's Sustainability Goals**: The company aims to reduce its scope 1 and 2 carbon emissions by 29.4% and scope 3 emissions by 17.5% by 2027, with these targets endorsed by the Science Based Targets initiative (SBTi) [7].

Group 1 - Bouygues Telecom, Free-iliad Group, and Orange are in discussions with Altice Group regarding a potential acquisition of a significant portion of Altice's telecommunications activities in France [1][2] - Due diligence for the transaction began in early January 2026, but legal and financial terms have not yet been finalized [2] - There is no guarantee that the discussions will lead to an agreement, which would require approval from the governance of the involved parties and meet customary conditions [2] Group 2 - Orange reported revenues of €40.3 billion in 2024 and had 124,100 employees worldwide as of September 30, 2025, with a customer base of 310 million [3][4] - The Free-iliad Group generated €10.3 billion in revenues over the last twelve months and had 23.2 million subscribers in France as of September 2025 [6] - Bouygues Telecom serves 27.1 million mobile customers and 5.3 million fixed customers, with a 4G network covering 99% of the French population and a 5G network covering over 84% [7][8]

Company Overview - Frontier Communications Parent, Inc. operates as a leading telecommunications provider in the U.S., offering data, Internet, voice, video, and related services to both consumer and business segments [6] - The company reported a total revenue of $6 billion and a net income of -$381 million for the trailing twelve months (TTM) [5] - As of the latest market close, Frontier's market capitalization stood at $9.5 billion, with shares priced at $37.92, reflecting a 9% increase over the past year, although it underperformed compared to the S&P 500's 14% gain [4][5] Recent Developments - Anchorage Capital Advisors fully exited its position in Frontier Communications by selling 93,562 shares during the third quarter, resulting in an estimated $3.4 million reduction based on quarterly average pricing [2][3][9] - The exit from Frontier's stock, which previously accounted for 0.5% of Anchorage's assets under management (AUM), may indicate a strategic shift amid ongoing uncertainties related to regulatory approval and capital intensity surrounding Frontier's pending acquisition by Verizon [7][9] Operational Performance - Frontier is experiencing significant operational momentum, highlighted by a 25% year-over-year growth in consumer fiber broadband revenue and 133,000 quarterly fiber net additions [9] - CEO Nick Jeffery emphasized the company's commitment to maintaining operational momentum as it prepares to join forces with Verizon to enhance access to high-speed fiber internet for more Americans [9][10] Investment Considerations - The future value creation for Frontier is closely tied to the successful execution of the Verizon acquisition, the fiber buildout, and the sustainability of cash flow amidst elevated capital expenditures [10]

Core Viewpoint - Bouygues Telecom, Free-iliad Group, and Orange have expressed their commitment to their joint non-binding offer to acquire a significant portion of Altice France's telecom activities, despite its rejection by Altice [1][2]. Group Summaries Bouygues Telecom - Bouygues Telecom is a French digital communications operator with 27.1 million mobile customers and 5.3 million fixed customers, recognized as a leading operator for WiFi and fixed internet connections [7][8]. - The company aims to reduce its scope 1 and 2 carbon emissions by 29.4% and scope 3 emissions by 17.5% by 2027, targets endorsed by the Science Based Targets initiative [8]. Free-iliad Group - The Free-iliad Group, a major European telecom player, generated €10.0 billion in revenues in 2024 and serves 51 million subscribers across its brands [6]. - In France, the group had 23.1 million subscribers as of June 2025, and it is recognized as the fifth-largest operator in Europe by retail mobile subscribers [6]. Orange - Orange is a leading global telecommunications operator with a revenue of €40.3 billion in 2024 and serves 300 million customers worldwide [4]. - The company operates in 26 countries and employs 124,600 people, with a significant presence in France [4].