In a dramatic twist that has shaken Europe’s telecoms market, Altice France announced Wednesday that it has “immediately rejected” a €17 billion ($19.8 billion) joint bid from French rivals Orange, Iliad, and Bouygues Telecom for a controlling stake in its domestic operations.
The move, described internally by Altice CEO Arthur Dreyfuss in an email to staff, comes just hours after the Luxembourg-based telecom group received the proposal on Tuesday evening. Dreyfuss confirmed the company would not entertain the offer but stopped short of detailing the reasons behind the swift rejection.
A Bold Alliance Meets a Firm Wall
The three telecom heavyweights — Orange, Iliad, and Bouygues — had made what they called an “indicative and non-binding” bid valuing Altice’s French operations at €21 billion in total. Their joint statement said the acquisition would supercharge investment in superfast broadband, AI-driven innovation, and cybersecurity, while consolidating France’s telecommunications infrastructure.
Counsel details for the transaction were not disclosed.
Under the terms of the proposed offer, Bouygues Telecom would cover 43% of the cost, Iliad 30%, and Orange 27%. The proposal excluded Altice’s stakes in Intelcia, UltraEdge, XpFibre, and Altice Technical Services, signaling a focus purely on core telecom operations.
