Altice France Faces Mounting Debt and Renewed Bid Interest

Altice France’s total debt has increased to approximately €17 billion, exceeding previous estimates following its restructuring in October 2023. This development comes as a consortium of rival French telecom operators—Bouygues, Iliad, and Orange—reconsider a joint bid for the business, according to reports from the Financial Times .

Debt Complications

The initial restructuring aimed to reduce net debt to around €15.5 billion from €24 billion. But, liabilities related to financial products like reverse factoring and asset securitization, totaling €772 million as of September 2025, were not always classified as debt under accounting standards, contributing to the higher figure .

Previous Bid and Current Negotiations

An earlier offer from Bouygues, Iliad, and Orange, valuing the enterprise at €17 billion, was rejected by Patrick Drahi, the controlling shareholder of Altice, in October 2023 as insufficient. Negotiations for a new bid are complicated by the need to divide the business among the three competitors and agree on a price .

Regulatory Hurdles and Liability Concerns

Any potential deal will face scrutiny from competition regulators in Brussels and Paris, who have historically opposed consolidation in the telecom sector without significant concessions. The consortium is seeking legal protection against potential tax and legal liabilities, including those linked to investigations involving Armando Pereira, Drahi’s former right-hand man . Drahi is also seeking liability clauses to compensate him if the deal is blocked on competition grounds.

Financial Pressure and Restructuring Risks

Altice France faces substantial debt repayments starting in 2028, creating time pressure to reach an agreement. Some sources suggest that without a deal by spring 2026, negotiations will likely fail . However, others indicate that Altice could sell off assets piecemeal if a wider deal isn’t possible, maintaining the business’s sustainability after the initial restructuring.

Broader Altice Restructuring

Restructuring negotiations are also underway at Altice USA and are expected to begin at Altice International. This follows a deal finalized in February 2026 with creditors regarding Altice France .