SFR has just authorized the takeover of the virtual operator La Poste Mobile by Bouygues Telecom, which should thus recover the 2.3 million subscribers. But what exactly does this mean for customers?
That’s it, the takeover of La Poste Mobile and its 2.3 million French customers by Bouygues Telecom is finally validated! After many adventures, the operator announcedon November 4, that the disagreements between SFR and La Poste, which threatened the transaction, were finally resolved. Patrick Drahi’s firm thus obtained all the administrative authorizations necessary for the operation. La Poste Mobile subscribers should therefore change network from 2026.
La Poste Mobile: Bouygues Telecom big winner
When La Poste Mobile decided to sell its shares to another operator, Orange, Free and Bouygues Telecom quickly expressed their interest, which is hardly surprising given that La Poste Mobile is today the last mobile network operator virtual – or MVNO, Mobile Virtual Network Operator in English – independent and that it has managed to become the fifth operator in our country. In thirteen years, it has enjoyed great success in a very competitive market, notably by benefiting from excellent visibility in the nearly 7,000 post offices spread across the country and by offering advantageous rates.
And it is ultimately Bouygues Telecom which will get its hands on this nugget, at the price of a transaction worth 950 million euros – this sum corresponds to the value of the shares of La Poste Telecom, while its enterprise value, it , is set at 963.4 million euros. The Competition Authority authorized this acquisition last August “without conditions”after having “removed any risk of harm to competition linked to the operation on the markets concerned”putting an end to more than six months of exclusive negotiations, during which Bouygues Telecom patiently consolidated its acquisition project. And now that SFR has validated the takeover, it will finally be concluded by the end of the year!
La Poste Mobile: a resale that can bring big returns
As reported Les EchosLa Poste began looking to sell its shares, which represent 51% of the MVNO, last January. Contacted, La Poste confirmed “having started a reflection on the evolution of the capital of La Poste Mobile with the aim of promoting the success of the brand, leader of the French market for virtual operators, and of accelerating its development”. The new manager of Banque Postale, Stéphane Dedeyan, wants to clean up the public group’s accounts. In December, we already learned that it wanted to resell its subsidiary Ma French Bank in the field of online banking, because the service had not achieved profitability, in the face of fierce competition from neobanks and online banks. However, the situation is different for La Poste Mobile, as the MVNO became profitable in 2022, making a profit of 2.38 million euros, and, according to estimates, its turnover is expected to reach 336 million euros. euros in 2024.
Thus, it is Bouygues Telecom, which has bought quite a few MVNOs in recent years, which will be able to recover the 2.3 million customers of La Poste Mobile. A significant addition to the operator’s 23 million users. “Thanks to this agreement, Bouygues Telecom will be able to increase its customer base and strengthen its position in Mobile and Fixed Lines by relying on the Post Office distribution network throughout the country”explained Benoît Torloting, general manager of Bouygues Telecom. The operator will also benefit from an exclusive distribution partnership bringing together the La Poste group, La Banque Postale and La Poste Telecom.
However, this takeover could not be done without the approval of SFR, which holds 49% of the company’s shares and leases its network to it until 2026. Under this contract, Patrick Drahi’s firm had a right of veto. on purchase proposals, but also had priority if he ever wanted to position himself. Such an operation could have allowed it to recover La Poste Mobile’s customers by becoming the majority shareholder of a company that is doing well – it shows average growth of 8% each year – while strengthening its image. However, knowing that SFR’s parent company, Altice France, is now in debt at more than 20 billion euros, it was difficult for it to raise the funds necessary for the buyout.
La Poste Mobile: a sale that dragged on
As reported The Worldthe Competition Authority validated the acquisition by Bouygues Telecom in August 2024 because it “considered that the transaction is not likely to harm competition due to the limited market shares of La Poste Telecom. […] It also took into account the competition exerted mainly by MNOs competing with Bouygues Telecom: Orange, SFR and Free.. She also indicated that she “removed the risk” that Bouygues Telecom does not degrade or refuse access to its network to virtual operators competing with La Poste Telecom, who do not have infrastructure and rent the networks of the sector’s behemoths. The only black spot on the horizon: SFR for a moment contested the terms of the transaction, hoping to recover at least 700 million of the 950 million promised by the sale, leaving only remains for La Poste – which nevertheless holds 51% of the shares. . The sale finally went through.
The operation should not have a big impact for subscribers. The operator confirms that he “will keep its identity and continue to be distributed to the approximately 7,000 post offices.” It is mainly an accounting operation. There shouldn’t even be too many visual changes since the agreement provides that La Poste retains control of the brand’s distribution. The only real change is in the change of network from 2026, where users will migrate from the SFR network to that of Bouygues Telecom. But if the operation should be invisible to customers, it could still have an impact on the market, particularly in terms of subscription prices.