Weil is advising Orange on the M&A aspects of its joint bid with Bouygues Telecom and Free–Groupe iliad to purchase SFR, France’s second-largest telecommunications operator from Altice France. 

The transaction values the relevant Altice France assets at a total enterprise value of €20.35 billion (with Orange’s share representing approximately 27% of the total enterprise value, amounting to €5.6 billion), subject to certain adjustments including a potential earn-out payment of up to €0.65 billion (with Orange’s share of such earn-out amounting to up to €0.2 billion).

The acquisition aligns with Orange’s consolidation strategy in Europe and will strengthen its capacity to invest in digital infrastructure and service. The deal is expected to sign in the second half of 2026, with completion in the second half of 2027, following regulatory approvals.

The Weil team was led by Corporate partner Yannick Piette with partners Agathe Soilleux and Romain Letard, assisted by associates Yan Boistay and Floriane Egraz.