Bouygues, Free-iliad and Orange confirm renewed interest in Altice assets

(Sharecast News) - European telecom operators Bouygues Telecom, Free-iliad Group and Orange have confirmed that they are in talks with Luxembourg-based peer Altice Group about buying a large part of the latter's French operations. In a joint statement released on Thursday, the consortium said due diligence works started on a potential deal since early January, though no legal and financial terms have yet been agreed.

"There is no certainty that this process will result in any agreement which would anyway remain subject to the approval of the governance of the parties involved and to customary conditions," the companies said.

"A communication to the market will be made as and when appropriate depending upon the status of the project and in accordance with applicable regulatory requirements."

The announcement, which confirmed earlier press speculation, comes just three months after the consortium had a €17bn offer for most of Altice Group's SFR business rejected by owner Patrick Drahi.

The rejected approach valued the whole of Altice Group's French operations at €21bn, including debt. That offer excluded certain interests in Intelcia, UltraEdge, XP Fibre, and Altice Technical Services, along with Altice interests in French overseas territories.