Bouygues Telecom: Numericable-SFR EUR 10bn cash offer already financed: resale of assets to Free valued at EUR 2bn
Listed French mobile operator SFR Numericable, part of the Altice group, is understood to have already financed its EUR 10bn 100% cash offer made for rival Bouygues Telecom, French daily Le Figaro reported. The unsourced report said that the debt used for the acquisition will be arranged by a banking pool including JPMorgan, Societe Generale and BNP Paribas.
Meanwhile, listed French telecoms group Iliad, operating under the Free brand, is understood to have proposed EUR 2bn to acquire the mobile network and parts of the retail outlets of Bouygues Telecom. The report added that listed French telco Orange could also take part in the deal and offer to acquire part of the retail outlets and of the customers of Bouygues Telecom.
The report cited French Finance Minister Michel Sapin as saying that the competition authorities are expected to green light the operation. French Economy Minister Emmanuel Macron is meeting Patrick Drahi, head of Altice, today, Tuesday to discuss the situation. The report claimed that the government could ask for three requests: prevent potential hikes in prices for consumers, guarantees for the employment post SFR Numericable/Bouygues Telecom merger, and maintain the investments in the very high broadband network.
The report cited labour union representative Fabric Pradas as saying that a report from experts in 2014 estimated the potential job cuts following a merger between Bouygues Telecom and Numericable SFR to between 1,600 and 3,000.
Le Figaro