Bouygues Telecom and SFR, two Paris, France-based mobile network operators, have put their telecommunications tower joint venture, called Infracos, up for sale, Le Monde reported. Infracos manages roughly 3,500 roof terraces, pylons and other mobile network hotspots in rural areas of France. The two operators use these infrastructure elements for sharing antennas at cell sites in these areas to bring 4G or 5G to their respective customers.
The company could be worth between $900 million and $1.1 billion, with a clear preference for the higher figure, according to Le Monde. Such a deal would benefit SFR’s parent company, Altice France Group, which is seeking to reduce its $17 billion debt as quickly as possible.
Infracos was created in 2014, with the idea that Bouygues Telecom and SFR would share investments and mobile network infrastructure to cover rural, sparsely populated areas where it is generally more costly and less profitable to build and operate infrastructure compared to cities or large urban centers.
Infracos, SFR, and Bouygues Telecom will have to agree to the sale before it can proceed, Le Monde reported. SFR is expected to quickly give its approval if the price is right. Bouygues Telecom claims it no longer considers the towers to be strategic to its business and has sold some of its infrastructure.
Who would buy Infracos? Competing French MNOs, Free and Orange, have already deployed their networks in the same areas and are unlikely to consider a purchase. Phoenix Tower International acquired nearly 2,000 sites from SFR and Bouygues Telecom in 2023, Inside Towers reported, and could be interested in the balance of the portfolio.
Madrid, Spain-based towerco, Cellnex (CLNX.MC), Europe’s largest independent towerco, according to Inside Towers Intelligence, is another potential bidder. At the end of 1Q25, Cellnex reported it already owns and operates 25,748 towers in France with a build-to-suit plan for another 3,852 towers by 2030. Whether Cellnex will enter the fray remains to be seen.
By John Celentano, Inside Towers Business Editor
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