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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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