Bouygues SA: M&A: Godot has arrived

研报英文原文证据摘录

Bouygues SA: M&A: Godot has arrived

Equity Research

European Telecom Services

8 June 2026

Bouygues SA

M&A: Godot has arrived

The bidding consortium and Altice SFR finally signed an MOU.

The price is in line with previous indications but with higher

cost synergies/integration costs than we expected, a net BOUY.PA/EN FP EQUAL WEIGHT

European Telecom Services NEUTRAL

positive in our view. With an upcoming easing of M&A Price Target EUR 53.00

regulation by the EC, we expect more consolidation in the EU. Price (05-Jun-26) EUR 50.16

Potential Upside/Downside +5.7%

Source: Bloomberg, Barclays Research

After long negotiations, the three French telecom operators consortium led by Bouygues

signed an MOU with the seller, Altice SFR. The price is in line with previous indications at

€20.35bn. On a positive note, the companies target annual cost synergies at €2.0bn, European Telecom Services

materially higher than the mid point of our estimate (c. €1.1bn). Integration costs are also Mathieu Robilliard

+44 (0)20 3134 3288higher than our mid-case but the net value creation could reach c. €11.3bn vs our mid

mathieu.robilliard@barclays.com

point of €6.8bn. In addition, of course we would expect market repair but that would only BBI, Paris

materialise longer term. So, overall we view this announcement positively, notably after

the recent delays. Importantly, we believe more granularity on the cost synergies, Maurice Patrick

+44 (0)20 3134 3622which are higher than in similar deals in other countries, and on the elevated integration

maurice.patrick@barclays.com

costs, will be needed to gain comfort/confidence on the companies' targets. With an Barclays, UK

upcoming easing of M&A regulation by the EC, we expect more consolidation in other EU

countries, notably Italy, Germany and Sweden.