Constr., Infra & Materials (AO) | The Week in Infrastructure: All eyes on Bouygues

Research evidence excerpt

Constr., Infra & Materials (AO) | The Week in Infrastructure: All eyes on Bouygues

y water treatment plant, including building construction, plant engineering,

and process engineering. The facility will operate as a central water supplier for the semiconductor industry in the Dresden

region.

Bouygues. The company signed over the weekend a Memorandum of Understanding, alongside Orange and Free-iliad Group (the

“Consortium”), with Altice France, with a view to acquiring SFR. This MoU covers the acquisition of the majority of assets operated

by Altice France-SFR, excluding shareholdings in XP Fibre, Ultraedge and Altice Technical Services, as well as the Altice France

group’s operations in the French overseas departments and regions. Under the proposed allocation of assets among the

consortium members, Bouygues Telecom is, in particular, to acquire (based on 2025 figures): 1) the SFR Business activity and

customer base, representing around EUR1.2bn in sales; 2) part of SFR’s B2C activity and customer base, comprising around 3.8m

Mobile (o/w around 0.5m MVNO Prixtel customers) and around 2.6m Fixed customers; 3) SFR’s Mobile network in the less dense

areas currently shared with Bouygues Telecom under the “Crozon” network-sharing agreement; 4) infrastructure dedicated to

B2B Fixed services; 5) SFR’s share of the horizontal FTTH network in part of the very dense area known as “Faber”; 6) a part of the

store network. The proposed transaction is based on a price equating to a total enterprise value of EUR20.35bn for the Altice

France assets under consideration subject to the closing adjustments, which are: 1) a potential earn-out payment of up to

EUR0.65bn; 2) a potential downward price adjustment and exit provisions at the Consortium’s or Seller’s initiative (safety clause),