SFR va-t-il disparaître ? Tout comprendre sur la fin de l’opérateur en France

Altice France, the parent company of SFR, is actively seeking a buyer for a majority stake in SFR due to a debt of over €24 billion. The transaction could value the operator at up to €30 billion, including debt, and is crucial for the group's survival. Initial information has been shared with potential candidates.

As part of debt restructuring, SFR will enter an accelerated safeguard procedure in early June, following a conciliation agreement with the majority of its creditors. This agreement, which includes a debt reduction of €8.6 billion, is expected to be validated by the Paris Commercial Court by early autumn, stabilizing the company's financial structure.

Potential buyers include major French telecommunications companies such as Bouygues Telecom, Free (Iliad), and Orange. Bouygues and Free are interested in SFR's 19 million mobile subscribers and 6 million fixed subscribers. Orange may focus on enterprise clients and some of SFR’s 4G and 5G frequencies, but a large-scale acquisition would face competition regulations.

International interest is also present, with Emirates Telecommunications Group and investment funds evaluating the opportunity. Some parties are considering alliances for a partial dismantling of the operator.

The sale process is challenging, with plans to sell SFR's fiber optic network (XpFibre) separately to further reduce debt, excluding this strategic asset from competitor acquisitions. The allocation of SFR's €15 billion debt is another significant issue.

The potential consolidation of the French market, reducing major players from four to three, will require approval from French and European regulatory authorities to prevent price increases for consumers and ensure continued network investments. The competition authority is open to consolidation under conditions.

SFR has faced significant challenges, including over 1.5 million mobile subscriber losses in two years and a 14% revenue drop in the previous quarter. To cut costs, SFR plans to close more than 30 stores by July 2025, shifting towards an online-only model.

Uncertainty persists for SFR subscribers, with the likely scenario being a redistribution of clients among multiple operators. Recent acquisitions, like the purchase of La Poste Mobile by Bouygues Telecom, typically have minimal impact on customer experiences.

Subscribers are advised to stay informed about current offers to anticipate potential changes.

D’après Journal du Geek.