Orange says its planned acquisition framework for SFR remains on schedule. The deal would split the French operator between Orange, Bouygues, and Iliad. CEO Christel Heydemann confirmed the timeline during Orange’s third-quarter earnings call.
“The timeline is unchanged. We plan signing of the transaction by the end of this year, 2026, and closing by the end of 2027,” she said.
The €20.4 billion deal would reshape France’s telecom market. It also offers Altice France a route to reduce heavy debt. For Orange and its partners, it brings scale, customers, and network assets.
However, the path still looks complex. The companies must satisfy employee representatives and competition authorities. Orange, Bouygues, and Iliad have secured their internal employee approvals. Altice France still faces resistance from employee representatives.
Some worker groups have challenged the plan in court. Heydemann said Orange sees no current sign of delay. Still, labor concerns could keep pressure on the timetable.
The longer challenge may come from competition review. French regulator Arcep expects its examination to run toward late 2027. That timing matches Orange’s expected closing window.
The acquisition could strengthen investment capacity in France. Larger operators may find it easier to fund fiber, mobile, and cloud upgrades. Yet fewer national telecom groups could raise pricing and choice questions.
Political uncertainty also surrounds the transaction. France holds a presidential election in April. Heydemann argued that the deal should remain stable.
“SFR is managing critical infrastructure for France and for millions of customers. This is something that I think all political parties are aware of, and we have not seen any negative comment to the proposed transaction from any political party in France.”
Orange also used the call to discuss satellite plans. The company is exploring mobile satellite services spectrum with Deutsche Telekom, Telefónica, and Vodafone. The bid is expected in the second half of next year.
Heydemann described satellite as an extension of mobile coverage. It can help users stay connected outside terrestrial network reach. The key challenge is smooth switching between ground networks and satellites.
Orange already launched a limited direct-to-device messaging service with Skylo. Device support remains narrow, with only Google Pixel 9 and 10 models included. Orange plans to broaden support after seeing customer demand.
The operator is also testing Starlink in Spain. A Romanian pilot should follow next year, depending on satellite availability.
Financially, Orange reported solid quarterly momentum. Revenue rose 3.6% to €12.2 billion. EBITDAaL grew 4.6% to €4.1 billion.
Orange Business still faces headwinds. Its revenue fell 2.5% to €1.7 billion. Growth at Orange Cyberdefense helped, but not enough to offset wider pressure. The unit will push trusted cloud and AI services, especially for security-focused customers.
