Bouygues offers €10.5B for 49% of SFR


Bouygues (BOUYY) has offered €10.5B ($14.42B) to acquire a 49% controlling stake in Vivendi's (VIVHY, VIVEF) SFR mobile unit.

Bouygues would then merge its telecom subsidiary with SFR and list the combined entity as soon as possible.

Vivendi would be left with a 46% holding after the merger and advertising firm JCDecaux 5%.

However, the deal would probably face a tough regulatory review given that SFR and Bouygues Telecom are the number two and three mobile operators in France by subscribers.

Bouygues also faces competition for SFR from Amsterdam-listed Altice, which has reportedly offered €11B in a deal that would leave Vivendi with 30%+ of the new company.

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