Altice France has started exclusive talks to sell its telecom operator SFR in a deal worth €20.35bn. Rival operators Bouygues Telecom, Orange and Iliad want to divide the business between them. The move could reshape the French market and may influence investment in Morocco.
The plan would see Bouygues take the largest share of SFR’s assets, with Iliad and Orange taking smaller portions. The companies have until 15 May to agree final terms. If approved, France would move from four major telecom operators to three. Supporters say this would make it easier to pay for costly upgrades such as 5G and fibre networks. The deal still needs approval from French and European regulators, who have blocked similar plans in the past over fears of higher prices.
The sale is driven by Altice France’s heavy debt after years of expansion. Selling SFR is seen as a way to reassure lenders and steady the company’s finances. For many years, a sale of SFR was considered unlikely.
Morocco is watching closely because the companies involved have strong links to the country. Orange already operates widely in Morocco, providing mobile, broadband and business services. A stronger Orange in Europe could boost its ability to invest abroad. However, the cost of the deal might also slow spending on projects such as 5G in the short term.
Iliad has long relied on Morocco for service centres and technical support. A bigger role in France could increase demand for those operations and potentially create more jobs. French telecom groups have often used Morocco as a testing ground for new digital services. With less competition in France, they may focus more on growth in markets such as Morocco.
Regulators will study the deal carefully. Previous attempts to reduce the number of operators were stopped over concerns about competition and consumer prices.
The proposed sale reflects a wider global trend. In the UK, Vodafone and Three UK are also trying to merge, arguing that fewer operators are needed to fund nationwide 5G networks. The outcome could influence how telecom companies invest in markets like Morocco as the country pushes ahead with its Digital Morocco 2030 plan.
