Orange Group, Bouygues Telecom, and Iliad Group entered exclusive talks to acquire SFR, Altice's mobile unit, for €20.35 billion ($24 billion), marking a material consolidation in France's telecom market. The offer, improved from a previous €17 billion bid rejected in October 2025, grants the trio an exclusivity period until May 15, 2026, to finalize terms. SFR serves approximately 26 million mobile customers across France, and the deal would reduce the country's mobile carriers from four to three, aligning with trends in other European markets like the UK and Spain. The consortium plans to split SFR's assets, with Bouygues Telecom acquiring the B2B business and customers, while the B2C business and infrastructure will be shared among all three buyers. Bouygues Telecom will also take over SFR's mobile network in less densely populated areas, with the purchase price divided as 42% to Bouygues Telecom, 31% to Iliad Group, and 27% to Orange Group. Altice, burdened by debt, has been divesting key assets, including a 24.5% stake in BT sold to Bharti Airtel for $4 billion in 2025, and recently spun off its French data center assets to Morgan Stanley.