Orange S.A. (OTC:ORANY) Altice’s – M&A Call October 15, 2025 2:15 AM EDT
Company Participants
Olivier Roussat – Group Chief Executive Officer
Christian Lecoq – Chief Financial Officer
Stéphane Stoll – Senior VP, CFO
Pascal Grangé – Deputy CEO
Conference Call Participants
Mathieu Robilliard – Barclays Bank PLC, Research Division
Eric Ravary – CIC Market Solutions, Inc.
Stéphane Beyazian – ODDO BHF Corporate & Markets, Research Division
Joshua Mills – BNP Paribas Exane, Research Division
Rohit Modi – Citigroup Inc., Research Division
Akhil Dattani – JPMorgan Chase & Co, Research Division
Carlos Caburrasi – Kepler Cheuvreux, Research Division
Andrew Lee – Goldman Sachs Group, Inc., Research Division
David Wright – BofA Securities, Research Division
Jean-Yves Guibert – BlueBay Asset Management LLP
Presentation
Operator
Good morning, ladies and gentlemen. Welcome to this Bouygues Group conference call. Please note that this conference call will be recorded. [Operator Instructions]
I yield the floor to Olivier Roussat, CEO of Bouygues Group. You have the floor.
Olivier Roussat
Group Chief Executive Officer
Good morning, ladies and gents. Thank you for being on this call on such short notice. This morning to answer the many questions you have, I’m with Pascal Grange, Deputy CEO of Bouygues Group; Stéphane Stoll, the new CFO, since the 1st of August; Benoit Torloting, CEO of Bouygues Telecom; and Christian Lecoq, CFO of Bouygues Telecom.
I’ll make a short introduction before moving to the Q&A. You saw the communiqué — the press release. So there’s a joint bid with Free-Iliad and Orange. This is a nonbinding offer for a large part of the assets of Altice Group for a total of EUR 17 billion. This joint offer is beneficial — beneficial for the market by preserving a competitive ecosystem in the interest of consumers. It also benefits the seller. It offers an attractive valuation that includes a share of the synergies expected from this transaction. It also benefits the buyers because in
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