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Investing.com -- Bouygues, Orange, and Iliad have jointly submitted a non-binding offer valued at approximately €17 billion for the majority of Altice France’s telecom assets.
The consortium’s bid excludes several parts of Altice France, including XpFibre (the approximately 7.4 million FTTH network that has reportedly attracted interest from private equity), the UltraEdge data center business, Intelcia (a global outsourcing business), Altice Technical Services, and Altice’s French Overseas Departments business.
The three companies estimate that the entire Altice France, including assets not covered in their bid, is worth approximately €21 billion. Based on Altice France’s last twelve months EBITDA of approximately €3.2 billion as of the second quarter of 2025, this valuation represents about 6.6x EV/EBITDA, slightly below the sector average multiple.
The proposed €17 billion enterprise value would be split with Bouygues taking approximately 43%, Iliad about 30%, and Orange roughly 23%. This distribution likely reflects regulatory constraints on Orange, which already has significant market presence in enterprise, infrastructure, and fixed broadband.
According to the consortium’s plan, Bouygues and Iliad would take over the entire B2B business, while all three operators would divide the B2C business. The companies would also split assets such as spectrum and mobile infrastructure, with one exception - Bouygues would exclusively take over the mobile network in less densely populated areas, where it already shares network infrastructure with Altice France.
Altice France reported deteriorating financial performance in the second quarter of 2025, with EBITDA declining approximately 11% year-over-year and pro-forma leverage (post restructuring) returning to about 5.0x.
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