Blackstone is reportedly exploring a joint bid for French telecom operator SFR in a potential $35bn transaction, underscoring private equity’s accelerating appetite for core infrastructure assets across Europe.

According to sources familiar with the matter, the US investment giant is in early discussions with prospective partners, including SFR rivals, as it weighs the operational complexity of a deal. The process remains preliminary, with no formal offer made to date.

The deal, if pursued, would support the debt-reduction efforts of Altice France, SFR’s parent company. Altice recently reached an agreement to slash €8.6bn in liabilities, nearly a third of its overall debt, while maintaining control of SFR. A partial stake sale could provide further relief and attract strategic or institutional investors. Bouygues, Iliad, and Orange are among the local players expressing interest, with Middle Eastern investors also eyeing the opportunity.

Blackstone’s move aligns with its broader European strategy. Just weeks earlier, CEO Steve Schwarzman announced the firm’s intention to deploy up to $500bn across Europe over the next decade. In support of this ambition, Blackstone recently relocated Managing Director Mathieu Cransac and Principal Lukas Denizot to Paris to drive regional expansion.

The initiative marks one of the most high-profile private equity pursuits in European telecoms to date, and may signal the start of a broader wave of infrastructure M&A as market valuations reset and capital flows toward stable, long-term assets.

Should Blackstone proceed, it would build on its record of complex, large-scale transactions while further cementing its footprint across the European continent.

Source: Yahoo Finance

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