Blackstone is exploring a potential joint bid for SFR, the French telecoms operator owned by Patrick Drahi’s Altice France, as discussions around a sale valuing the business at up to €30bn (including debt) gather pace, according to a report by Bloomberg citing sources familiar with the matter.
The world’s largest alternative asset manager is understood to be in preliminary talks with both industry players and financial sponsors, with a view to potentially partnering on a bid. Blackstone is unlikely to proceed alone, and is reportedly seeking a co-investor or financing partner to support any eventual offer for the Altice-controlled business.
The move comes as Altice France continues to assess strategic options for SFR, which has attracted early interest from domestic operators including Bouygues, Iliad, and Orange. Private equity firms are also reported to be actively exploring consortium-based approaches, with some engaging directly with French carriers.
While Blackstone has yet to make a formal decision, any transaction would fit into its broader ambitions in Europe. CEO Steve Schwarzman recently confirmed plans to deploy as much as $500bn across the continent over the next decade, amid a shifting macro environment and heightened investor interest in European infrastructure, telecoms, and defence-linked assets.
Altice France’s bonds rallied on the back of news that a potential transaction may be progressing. The company’s €500m notes due 2028 were quoted up 1.2 cents to 37.18 cents on the euro, while its €800m 2029 notes rose to 86.2 cents, according to Bloomberg data.
In February, Altice reached a deal with creditors to reduce its debt burden by €8.6bn, equivalent to around a third of its total liabilities, while retaining Drahi’s controlling interest in the business. The company continues to focus on operational recovery at SFR and the sale of non-core assets as part of its broader deleveraging efforts.
As part of Blackstone’s continued expansion in Europe, senior dealmakers are repositioning to the region. Mathieu Cransac, a Managing Director, recently relocated to Paris from London to strengthen the firm’s presence in France. Lukas Denizot, a Principal in Blackstone’s private equity unit, is also making the move.
Both Blackstone and Altice declined to comment on the ongoing deliberations.
