News Summary:
Bouygues S.A. subsidiary Bouygues Telecom S.A. confirmed on July 3, 2026, its June 6, 2026, signing of a memorandum of understanding with Altice France to acquire some of its assets, a plan that also involves Orange and Free-Iliad group. Following this announced acquisition, Bouygues was placed on CreditWatch Negative. Previously, on June 22, 2026, Moody's upgraded Iliad Holding, the parent of Free-Iliad group, to Ba2 from Ba3, also elevating its senior secured notes to B1 from B2 and its operating subsidiary Iliad S.A.'s senior unsecured bonds to Ba1 from Ba2. Earlier, on June 13, 2026, the French antitrust chief noted that the proposed SFR buyout by rival operators is "not self-evident" and requires competition authority approval. This followed a June 10, 2026, Bloomberg report indicating Elliott Investment Management, a top creditor from Altice France's 2025 restructuring, stands to gain from the planned sale. These developments began with Altice France signing a memorandum of understanding on June 6, 2026, with Bouygues Telecom, Free-Groupe Iliad, and Orange to sell SFR for €20.35 billion, an agreement advised by Mayer Brown on tax and structuring aspects, which aims to close SFR and divide its assets.
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