French Telecoms French competition authority confirmed to review entire SFR deal. Our thoughts

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French Telecoms French competition authority confirmed to review entire SFR deal. Our thoughts

J P M O R G A N Europe Equity Research

15 July 2026

French Telecoms

French competition authority confirmed to review entire

SFR deal. Our thoughts

The French competition authority has just issued a press release outlining that European Telecommunication

Iliad’s portion of the targeted SFR deal has been referred to it for review, by the EC. Services

Note: (1) Under EC merger rules, Bouygues and Orange were required to file their Akhil Dattani AC

portions of the SFR deal with the French authorities, whereas Iliad had to file with (44-20) 7134-4725

the EC. Today’s referral means the entire transaction will now be reviewed by akhil.dattani@jpmorgan.com

France. We felt it inevitable the transaction would end up led by one authority, J.P. Morgan Securities plc

rather than split between the two (complex to manage), (2) French authorities have Ankur Baheti, CFA

long been involved in deal negotiations. Helpfully, press commentary suggests (91-86) 5796-8820

ankur.baheti@jpmchase.com

they are both well informed, and directionally supportive, (3) We had hoped French J.P. Morgan India Private Limited

familiarity with the transaction would support an expedited review. But today’s

press release states “complexit[ies] of the case [mean] the review will last at least Specialist Sales contact details:

18 months”, which will disappoint, (4) We acknowledge concerns French Telcos Scott Silver - Specialist Sales -

may struggle to “work” amidst a long regulatory review. We disagree. Firstly, both European TMT

Bouygues and Orange are already -10% off their highs on satellite risks, and the (44-20) 7134-0412

scott.silver@jpmorgan.com

aforementioned “travel and arrive” fear.