France

What you need to know

• Fewer deals, higher value: French M&A in the first half of 2026 was shaped by a number of transformative transactions, active French corporates acquiring abroad, and an evolving regulatory landscape. The first half of 2026 saw 828 announced deals targeting French companies, aggregating €59.1 billion in deal value – an 8% decline in deal count but a 56% surge in value compared with H1 2025.
• Landmark telecoms deals: The period was dominated by the proposed €20.35 billion consortium acquisition of SFR by Bouygues, Orange, and Iliad, the largest M&A transaction in France in recent years.
• Sector breadth, concentrated value: Telecoms, healthcare, energy and infrastructure, defense, and consumer & retail all featured prominently, with the ten largest transactions accounting for over 76% of total deal value.
• Outbound acquirers: French corporates were active cross-border acquirers, led by Engie’s €18.12 billion acquisition of UK Power Networks and Servier's acquisitions of Day One Biopharmaceuticals and Edgewise Therapeutics in the US.

The M&A state of play

French M&A activity in H1 2026 presented a striking contrast: fewer transactions overall, but materially higher aggregate value. The 828 deals announced in the half represented an 8% decline from the 901 recorded in H1 2025, consistent with a broader trend of selectivity among buyers navigating macroeconomic uncertainty, elevated financing costs, and geopolitical complexity. However, total deal value of €59.1 billion represented a 56% increase over H1 2025 (€38.0 billion) and a 31% increase over H2 2025 (€45.3 billion), marking the strongest half-year by value since H2 2024 (€61.2 billion).

This divergence between volume and value was driven by a concentration of activity at the top end of the market. The ten largest transactions alone accounted for approximately €45.0 billion, or over 76% of total deal value. The Altice France/SFR deal, at €20.35 billion, represented more than a third of the half’s aggregate value on its own. Excluding that single transaction, the remaining deal value of approximately €38.8 billion would still represent an increase relative to H1 2025, underscoring broad-based strength across sectors.

2026’s market-defining transactions

The following table sets out the ten largest M&A transactions by deal value targeting French companies announced or completed in H1 2026. The list illustrates the breadth of sectors in play, from telecoms and healthcare to infrastructure, defense, energy, and consumer retail, and the prominence of strategic acquirers, financial sponsors, and sovereign and quasi-sovereign capital (notably the Caisse des Dépôts et Consignations and Bpifrance)

Source: Mergermarket / Enterprise values shown; certain transactions remain subject to regulatory and completion conditions

Sector highlights

By value, Communications, Media & Entertainment was essentially driven by the €20.35 billion Altice/SFR transaction, followed by Transportation (€9.91 billion), Consumer & Retail (€8.75 billion), and Technology (€5.33 billion). By deal count, Industrials (180), Technology (158), Business Services (139), and Consumer & Retail (137) led the market.

The headline deal of the half was the proposed €20.35 billion consortium acquisition of SFR by Bouygues, Orange and Iliad, which, if completed, would fundamentally reshape French telecoms by reducing the market from four major mobile operators to three. A memorandum of understanding was signed in June 2026, with completion expected in H2 2027 subject to regulatory approvals.

Healthcare was another active sector. Ramsay Health Care announced the spin-off of its 52.79% stake in Ramsay Santé (EV ~€4.95 billion), which will create an independently listed French hospital platform. French pharmaceutical group Servier was among the most active outbound acquirers (see below).

In consumer and media, Banijay Entertainment’s €3.44 billion merger with All3Media into a 50-50 joint venture was completed in July 2026, creating a global content production leader. The acquisition of Fnac Darty by Czech-based EP Group and J&T Capital Partners for €2.17 billion was notable as one of the first French transactions subject to review under the EU Foreign Subsidies Regulation.

Energy and infrastructure transactions reflected sustained capital flows toward transition and essential-service assets: CDC acquired French motorway concessions for €3.95 billion, Meridiam closed a €2.2 billion continuation fund spanning 22 European infrastructure assets, and Newcleo agreed a €2.1 billion SPAC combination ahead of a planned Nasdaq listing. In defense and technology, Thales ultimately prevailed over Safran in the competition for Exail Technologies (€2.24 billion), while Schneider Electric’s €2.72 billion acquisition of Cognite highlighted French industrial appetite for digital and software capabilities.

Outbound M&A: French acquirers on the global stage

French companies were among the most active cross-border acquirers in H1 2026, with several landmark transactions. Engie SA’s €18.12 billion (£15.8 billion) acquisition of UK Power Networks Holdings – one of the UK’s largest electricity distribution companies – from the CK Infrastructure consortium was the largest outbound deal of the period and completed in May 2026.

Servier’s twin acquisitions in the US (Day One Biopharmaceuticals for $2.5 billion and Edgewise Therapeutics for €1.33 billion), Schneider Electric’s acquisition of Cognite, and InfraVia Capital Partners’ participation in the €2.29 billion consortium acquisition of UK broadband provider Netomnia (Substantial Group) further underscored the global reach of French strategic and financial buyers. The terminated Pernod Ricard/Brown-Forman transaction nonetheless illustrated the ambition of French consumer champions to build global scale.