Orange SA

ORA: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Orange, Bouygues: French Consolidation Goes Ahead; Multiples After Synergies Don’t Imply Much Upside

Javier Correonero , Jack Fletcher-Price

Jun 8, 2026

Orange, Bouygues, and Iliad signed the memorandum of understanding to collectively acquire SFR for EUR 20.35 billion. The asset split would be 27% for Orange, 42% for Bouygues, and 31% for Iliad.

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Orange SA

Orange, Bouygues: French Consolidation Goes Ahead; Multiples After Synergies Don’t Imply Much Upside

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