France's telecoms landscape is being redrawn. On June 6, Bouygues Telecom, Free and Orange signed an agreement with Altice France to acquire SFR, the operator controlled by Patrick Drahi, in a deal valuing the company at €20.35 billion.
Patrick Drahi © SCM
France's telecoms landscape is being redrawn. On June 6, Bouygues Telecom, Free and Orange signed an agreement with Altice France to acquire SFR, the operator controlled by Patrick Drahi, in a deal valuing the company at €20.35 billion.
The transaction will reduce France's mobile market from four to three operators.
The deal had been months in the making. A first offer of €17 billion was rejected by Altice France in October 2025, but the three groups ultimately reached terms with Drahi's holding company. A potential price supplement of €650 million is also built into the agreement, contingent on SFR's financial performance before the transaction closes.
The deal still requires approval from France's competition authority and the European Commission.
The End of Drahi's French Empire
For Patrick Drahi, the sale marks the final chapter of a French telecoms adventure that unravelled under the weight of massive debt. Over recent years, he has progressively shed his media assets, call centres and broadcast towers in a desperate effort to stabilise his finances.
The businessman now lives in Tel Aviv, where he retains ownership of a television channel and an internet service provider. His international news channel I24 News, however, appears to be heading toward permanent closure, according to multiple employees.
From telecoms mogul to reluctant seller, Drahi’s trajectory stands as one of the most dramatic falls from grace in European business in recent years.
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