De Pardieu has advised SFR on the entry into exclusive negotiations between SFR, Bouygues Telecom and Phoenix Tower International (PTI), a holding company of Blackstone specializing in the construction and management of mobile network infrastructures, with a view to selling to PTI, jointly with Bouygues, the entire share capital of Infracos, a joint-venture equally owned by SFR and Bouygues Telecom and incorporated in 2014 for the deployment and operation of shared 2G, 3G, 4G and 5G telecommunication sites. Infracos manages 3,700 mobile sites located in medium-density areas across France.
The transaction, valued at €870 million on a total enterprise value basis and subject to the staff representative bodies’ consultation process, is expected to be completed by the end of 2025, subject to obtaining, inter alia, the necessary administrative approvals from the Competition Authorities, the ARCEP and the French Minister of the Economy in connection with foreign investment control.