Bouygues' €950M Bid for La Poste Mobile Delayed as Sellers Clash Over Terms

Bouygues Telecom's proposed €950 million acquisition of MVNO La Poste Mobile is facing delays due to a disagreement between the sellers—SFR and La Poste—over the terms and conditions of the deal. Although Bouygues had an exclusivity agreement and planned to complete the transaction within the year, the conflicting positions of the two owners have triggered formal dispute resolution under their existing joint venture agreement.

The transaction originally hinged on allowing Bouygues to migrate La Poste Mobile's 2.3 million customers onto Bouygues's own network by 2027, as La Poste Mobile's wholesale agreement with SFR is due to expire end-2026. However, with the disagreement over sale terms, there is uncertainty whether Bouygues can meet this schedule.

For SFR, which holds 49% of La Poste Mobile (La Poste holds 51%), the sale would represent a significant source of capital—important for its parent company Altice France, which is actively working on debt reduction. But the dispute over terms is complicating the timeline.

Further compounding pressure, Altice France reported a 3.8% year-on-year revenue drop in the same period, with mobile and business service revenues falling around 3.2% to 8.1%. Fixed-line services were slightly better, and fibre customer numbers rose, but overall performance is under stress.

Bouygues earlier showed growth in its fixed and mobile customer bases, and growth in service revenues, but the delay is a setback. If terms are not resolved quickly, the planned migration of La Poste Mobile's customers may be delayed beyond 2027. Delays may also have regulatory implications, especially regarding competitive balance in France's mobile market.