SK Hynix outlined plans to go public in the US to raise KRW45.5 trillion ($29.4 billion), which would be the second-biggest IPO in history after SpaceX’s listing earlier this month.

The South Korean high bandwidth memory (HBM) chip company filed for the proposed IPO with the Securities and Exchange Commission to list American Depositary Receipts on the Nasdaq.

In total it plans to issue 17.79 million new shares to raise more than $29 billion, giving it a company valuation of $1.2 trillion. It expects to start trading on 10 July.

It will use the cash to fund the buildout of chip factories in South Korea and acquire chipmaking equipment including extreme ultraviolet lithography (EUV) scanners. It already has an order in place with ASML worth KRW12 trillion.

A supplier to Nvidia and Google, SK Hynix has been a big winner of the AI boom, with its shares quadrupling in value this year. It competes in the HBM segment with Samsung Electronics and US-based Micron.

Indrani De, global head of investment research at financial company FTSE Russell, told Bloomberg SK Hynix’s outperformance reflects its early move in HBM and strong demand for its chip.

“Supply shortages in HBM where Korean firms dominate with 80% market share are expected to last for years,” she said.

The size of the proposed IPO would see SK Hynix surpass Saudi company Aramco’s IPO in 2019, when it raised $25.6 billion, which is currently the second largest behind SpaceX’s $75 billion.  

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Meta Platforms deepened its smart glasses push with the launch of a set of lower-priced models under its own brand name for the first time.

Called Meta Glasses, the company stated it is introducing three styles in partnership with manufacturer EssilorLuxottica, at a starting price of $299.

At the lower end of the price point are the Meta Adventurer and Meta Fury options, while a fashion-inspired variant designed in collaboration with celebrity Kylie Jenner costs $399.

The moves marks a change from Meta’s strategy which has made the company a leading smart glasses provider, with it previously launching eyewear in partnership with well-known brands in the segment such as Ray-Ban and Oakley.

Recent Ray-Ban and Oakley ranges had starting prices of $799 and $499 respectively when they were launched in September 2025.

Competition
Meta stated is offering 26 styles through the new line-up, and like with all the glasses in its portfolio they offer a range of AI features, open ear speakers, an advanced multi-mic array, over 8 hours of battery life and advanced privacy settings.

It also highlighted compatibility with Muse Spark, its first model from Meta Superintelligence Labs built specifically for its products, powering the Meta AI platform.

Competition is ramping up in the smart glasses sector, with Apple reportedly due to launch its own offering later this year, as is Google and Samsung Electronics.

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The Five Eyes intelligence agency called for urgent action to respond to the evolving AI landscape, warning while the technology would help improve defences over time, it also accelerates the speed, scale and sophistication of attacks.

Five Eyes is a global intelligence-sharing alliance between the UK, Canada, US, Australia and New Zealand: it stated frontier models are expected to exceed current industry expectations, transforming offensive and defensive cyber capabilities.

The timeline for this “is not years, it is months”, meaning action must be swift “to remain ahead”.

“In this environment, cyber resilience is integral to advancing business continuity, market confidence and long-term value,” it stated.

As part of a number of recommendations, the alliance urged leaders to understand and assess, risk, readiness and accountability; prioritise foundational cybersecurity practices and controls; empower cyber leaders with authority and resources; and actively engage as threats evolve.

“Success will come from getting the basics right, acting quickly and integrating cybersecurity into core business strategy. Those that do not will face growing operational and strategic disadvantage.”

It emphasised cyber risk cannot be treated purely as a technical issue, but rather a core business risk, arguing ensuring systems are secure by design should become standard industry practice, resilience should depend on a single solution or technology and there must be an understanding fresh vulnerabilities would emerge as AI systems evolve.

Five Eyes also called for better processes to swiftly patch faulty software, address legacy systems, and limit unnecessary system access and external connectivity.

On the flip side, the alliance stated AI should be used to bolster defences, explaining organisations integrating AI tools into security operations can detect vulnerabilities faster, improve quality, monitor unusual behaviour and respond to threats swiftly.

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Reliance Industries-owned Jio Platforms filed for an IPO in Mumbai, reportedly with intentions of raising around INR360 billion ($3.8 billion) to pay down debt in its telecoms business.

Billionaire owner Mukesh Ambani (pictured) said at Reliance Industries’ annual shareholder meeting its board had approved a prospectus, which has now been filed with Indian regulators.

Th prospectus did not reveal the size of the listing or a fundraising target, but Reuters reported the sum it is looking for, noting this would be equal to 2.9% of its equity and value the entire business at around INR12.3 trillion.

The previous largest IPO amount raised was the INR278.7 billion generated by Hyundai Motor in a listing in 2024.

Jio Platforms includes the company’s Jio Infocomm telecoms arm and houses its AI, cloud and enterprise network offerings.

Reuters stated around INR275 billion of any sum raised would go towards repaying Jio Infocomm debt.

Ambani said the proposed listing “will demonstrate to the world that India can build technology companies of global scale, global capability and global value”.

Jio entered the Indian market in 2016 and shook up the competitive landscape with low-cost data plans, which attracted millions of users.

In its prospectus, the company stated it had 524.4 million subscribers at end-March, including 268.5 million 5G customers.

The company previously attracted funding from global investors including Meta Platforms, Google and private equity players.

Should the IPO size prove correct, the target is lower than previously mooted: in 2025, Bloomberg reported it was looking to list 5% of its mobile unit, to raise around $6 billion.

Starlink rival.
Also at the shareholder meeting, Jio Platforms revealed it is exploring building its own satellite constellation, a move which would directly rival SpaceX’s Starlink.

Bloomberg reported Jio Platforms’ MD Akash Ambani said it is considering deploying a low Earth orbit satellite network along with exploring partnerships to lease capacity from global providers to “accelerate service availability while building our own long-term sovereign capability”.

The approach would allow Jio to lay the foundation for a satellite broadband play, while working to build ground stations to support the network.

Starlink has partnered with Jio, but is yet to launch services in India due to regulatory roadblocks.

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SpaceX reportedly hit out at a European Commission (EC) plan for distributing satellite spectrum across the bloc, warning current proposals could directly impact connectivity with mobile devices.

Bloomberg reported it had seen a statement from Elon Musk’s rocket company which takes aim at an EC plan to offer only a third of its 2GHz frequency band to companies outside the European Union (EU), keeping the remaining amount for those based in the bloc.

The outlet said the proposal effectively excludes foreign companies, like SpaceX, from offering satellite services to governments and will directly impact the expansion of its Starlink connectivity play.

SpaceX has established a presence in Europe, striking partnerships with European operators including Deutsche Telekom and Orange to offer Starlink D2D services to customers.

However, SpaceX said the EC’s plans will split spectrum “in virtually unusable sub-divided parts”.

It apparently added intentions are inconsistent with international regulations and do not adhere to “Europe’s international obligations and economic reality”.

Ukraine concern
Another bone of contention is an EC aim to reserve airwaves for the Europe IRIS2 constellation, with SpaceX arguing this could risk poorer connectivity in Ukraine where Starlink has been used during the country’s war with Russia.

“The proposal creates a significant likelihood that Europeans will be left without direct-to-device satellite services or that new European operations will create global interference problems, including to emergency services like those in Ukraine,” read the statement.

When outlining the plans, EC EVP Henna Virkkunen said earmarking allocations to local operators would encourage diversification of suppliers and incentivise entry into the market.

She also said the 2GHz band was vital for boosting Europe’s competitiveness, security, and fits in with an ongoing drive around technology sovereignty.

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China’s commerce ministry is reportedly targeting broader use of AI across the country’s consumer economy, unveiling 17 policy measures intended to push the technology beyond industrial applications.

State broadcaster CCTV reported the ministry will use the measures to embed AI into households and businesses, viewing the technology as a lever for economic stimulus.

As part of the plan, it is apparently looking at a fundamental shift in how consumer electronics are designed and sold.

The way devices operate is also a target, moving from functional tools towards AI-integrated systems.

Advancing humanoid robotics in the home is high on the agenda, and the sector has already gained government and private investment.

Chinese players including Unitree and Ubtech were cited as front-runners in the market. They are vying to establish themselves commercially in industrial and consumer spaces.

Structural issues
On the services side, China wants to expand AI’s presence in retail services to public and personal areas.

CCTV cited comments from Lin Jian, deputy director of the international trade cooperation institute at the ministry of commerce, who said the measures are designed to solve structural issues within the country’s services sector.

These include addressing challenges around high labour costs and poor standardisation in service consumption, added Lin.

Beijing is stepping up its AI plans, with Bloomberg reporting earlier this month the government is planning to invest $295 billion over the next five years to build out data centres in the country.

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Ericsson named David Hammarwall, an executive within its Americas division, to lead its Business Area Networks division, succeeding Per Narvinger, who is lined up to replace Borje Ekholm as CEO.

Hammarwall is currently head of Customer Unit T-Mobile in Market Area Americas, a position he has held since 2023. He joined Ericsson in 2007 and worked in various roles including as the heads of Product Area Networks, Product Line Radio and Product Line 5G RAN.

The appointment is due to take effect on 1 October, when current Networks chief Narvinger steps into the role of CEO. Hammarwall will also join Ericsson’s executive team.

Narvinger said Hammarwall had been a key leader in driving Ericsson’s technology.

Hammarwall added he takes on leadership of the networks unit at an interesting time, “where Ericsson is truly setting a new standard for network intelligence with AI in RAN by bringing powerful AI capabilities to service providers”.

“I’m very much looking forward to working with all the talented Network employees and to meet customers and partners to create outstanding value.”

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Social media company Snap officially unveiled its new AR glasses priced at $2,195, the company’s latest push into the segment.

A decade in the making, Snap stated the AR glasses developed by its dedicated Specs subsidiary would bring AI assistance, work tools, entertainment and shared experiences “into the world around us”.

The device is scheduled to ship later this year, initially in the US, UK and France.

Specs are priced at more than 15-times the price of Snap’s original $130 camera-only Spectacles, which debuted in 2016 and struggled to gain traction.

Snap emphasised main selling points of Specs as being fully standalone, made from Swiss TR90 polymer and available in two sizes.

A 47mm model weighs 132 grams and a 52mm version 136 grams.

Snap argued current smart glasses are lightweight but limited in what they can do, while headsets “are powerful but can feel isolating and cumbersome”.

Specs are designed to address those drawbacks. The display system is powered by Snap’s proprietary liquid crystal on silicon technology, delivering a 51-degree field of view and 16 million colours. It claimed the display “feels like a 24-inch monitor” while working, or a 115-inch home cinema screen placed 10 feet away when watching a movie.

Other highlights include up to four hours of mixed battery life spanning audio and video playback, AI assistance for services including maps and general queries, and the ability to cast a screen and stream content wherever the user is.

Specs run two Qualcomm Snapdragon processors, with one dedicated to computer vision and the other running developer tool Lenses.

Lenses enables the glasses to access interactive features including academic and music educational tools.

Qualcomm struck a multi-year platform deal with the Specs subsidiary in April.

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AT&T named former McAfee executive Jennifer Biry as its next CFO, replacing Pascal Desroches who is set to retire at the end of the year.

In a regulatory filing, AT&T explained Biry will first take the position of deputy CFO, effective 6 July 2026, before assuming the role as senior EVP and CFO from 1 January 2027.

Biry has served as CFO and COO of security company McAfee since October 2023. Before that, she had a long career at AT&T spanning 22 years in numerous positions across sales, finance and strategy.

As part of this tenure, Biry had an 18-month stint as CFO of WarnerMedia when it was owned by AT&T.

Desroches has been CFO of the US operator for five years, taking on the position in 2021. Before this, he held positions across the WarnerMedia group.

During his time as AT&T’s finance chief Desroches has led a cost cutting drive and moved to simplify the operator’s balance sheet, while taking on major investment in 5G and fibre.

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The French government outlined a major sovereign AI push, declaring its intelligence agency would stop working with US company Palantir in favour of a local alternative alongside a pledge to invest €655 million in the technology through to 2030.

Prime Minister Sebastien Lecornu announced the plans in a video on X as the country advances its sovereign technology ambitions and a desire to reduce dependence on US offerings.

The debate around sovereignty continues to heat up: the US recently hit the brakes on a couple of Anthropic models due to national security concerns.

Prime Minister Lecornu pointed to the issue in announcing the decision to cut ties with Palantir, stating “France must have its own tools”.

“We cannot rely on the goodwill of certain partners who, as we have seen in recent days, are capable of cutting off access to the Anthropic model.”

Intelligence agency DGSI is to replace Palantir’s data tools with an alternative made by privately-controlled French company ChapsVision.

Palantir had worked with the agency for around a decade and announced a three-year renewal in December 2025.

Concerns have been raised about Palantir due to ambitions in Europe to reduce the amount of sensitive data processed by US-based companies.  

The company was co-founded by billionaire Peter Thiel, who has strong links to the US government.

Revolution
The prime minister said the €655 million investment would go towards infrastructure, computing capacity, research, business and industrial sectors.

As part of the plans, the government aims to provide all civil servants with a conversational assistant from domestic company Mistral AI, in addition to a public health assistant by the end of the year.

“We can undergo this revolution. Or we can lead it. France has chosen. It will rise to the challenge of this revolution and intends to claim its full place in it,” Prime Minister Lecornu said.

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Italy’s antitrust regulator opened an investigation into Apple over alleged violations of the European Commission’s Digital Markets Act (DMA), centred around third-party interoperability policies with its operating systems and iCloud service.

The competition watchdog stated under DMA rules Apple must ensure third-party cloud providers are granted free and effective interoperability with iOS and iPadOS, as well as access under equal conditions to the same hardware and software features as those available to Apple iCloud.

The authority stated it had indications third-party providers “may not be placed on an equal footing” as Apple’s iCloud, pointing to the fact they appear to lack access to the same features used or made available to the in-house service.

For example, Italy’s regulator stated it appears Apple does not allow alternative cloud storage services to use iOS and iPad features enabling end users to fully backup data.

It will now conduct a deeper investigation into potential violations, before sending findings to the European Commission.

It is the first time the Italian authority has launched a probe under the DMA, which allows national authorities to launch initial investigations.

Apple has been a vocal critic of the EC regulation, which came into force in 2022 with the goal of curbing big tech dominance in favour of smaller players.

In September 2025, the iPhone giant demanded the European Union abandon the legislation, arguing it was making it harder for technology companies to do business, reduced consumer choice and created an unfair competitive landscape.

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US communications company Comtech Telecommunications entered into a definitive agreement to sell the bulk of its satellite and space operations to Israeli company Gilat Satellite Networks in a $157.5 million deal.

Under the agreement, Gilat will pay $10 million of the sum up front, taking control of Comtech’s ground infrastructure systems, large antennas, modems, communications equipment, and network control and management systems for different types of satellites including low Earth orbit (LEO) offerings.

The deal is a significant about-turn for Gilat, which agreed to be bought by Comtech for around $580 million in 2020 in a deal which ultimately collapsed.

Gilat specialises in creating equipment for satellite communications including stations, modems, amplifiers and antennas.

The acquisition is expected to beef up Gilat’s presence in the defence market since Comtech is a big supplier for the US military.

Gilat CEO Adi Sfadia said it was impressed with the successful progress of Comtech and the segment is an “excellent strategic fit”.

Comtech will retain some cybersecurity assets and rights to certain accounts in line with a shift towards public safety operations being driven by its Allerium business unit.

“The sale of most of the satellite and space segment, together with the agreements we have reached with our lenders and preferred stockholders, represent a significant milestone in Comtech’s transformation and reflect the successful execution of our strategy,” CEO Ken Traub said.

The deal requires regulatory approval and is expected to close by the end of the year.

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The European Union (EU) signed a digital partnership with Brazil, strengthening ties on shared technology priorities, including data governance, AI, digital infrastructure, connectivity and online platforms.

The EU’s Digital Partnerships initiative is described by the body as a “core instrument” of its external digital policy, enabling cooperation with like-minded countries on shared priorities.

The agreement was signed in Brazil by Henna Virkkunen, EVP at the European Commission and Brazil’s Secretary for Technology, Alex Giacomelli da Silva.

According to comments cited by Reuters, Virkkunen said the bloc’s push to secure more digital cooperation deals is centred on a desire to reduce reliance on US technology.

“Brazil is a country which shares very much the same value[s] as the EU. So Brazil is committed to open markets, to secure technologies, also to a rules-based order.”

She added the EU is looking to build partnerships because it cannot stay competitive alone, while working to reduce dependence on other nations for services including chip manufacturing and cloud.

Brazil becomes the fifth country to partner with the EU on digital initiatives, joining Canada, Japan, South Korea and Singapore.

Data exchange
Through the partnership. The EU and Brazil pledged to step-up joint efforts to promote resilient global supply chains, contributing to an inclusive, rules-based system of global digital governance.

It builds on an agreement struck in January to collaborate on data sharing after finding their protection levels were similar. This agreement allowed businesses, public authorities and researchers to freely exchange data between Brazil and the EU without additional requirements.

The Digital Partnership will now be implemented through dedicated technical workstreams and “high-level exchanges”. A meeting of the Digital Partnership Council will be held in the next 12 months, providing a strategic direction and joint roadmap for the partnership to move forward.

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SpaceX raised $75 billion in an historic initial public offering (IPO), pricing 555.6 million shares at $135 each with trading set to begin later today (12 June) on the Nasdaq stock exchange.

The listing is the biggest of all time, more than doubling the value of Saudi company Aramco’s stock market debut in 2019 which raised around $29 billion.

In a filing, SpaceX stated it has granted underwriters a 30-day option to purchase an additional 83 million shares, which could increase the total fundraising to $86 billion at a $1.78 trillion valuation.

Financial Times reported Elon Musk’s rocket, satellite and AI company drew orders more than three times the amount on offer, with demand coming from huge asset managers, gulf sovereign wealth funds, hedge funds and retail investors.

According to the outlet, individual investors placed orders for more than $100 billion and will be allocated around 20% to 25% of the total shares sold.

Musk is apparently keen to place smaller shareholders at the centre of SpaceX’s ownership, leaving fewer shares available for big companies and accounts that tend to be prioritised in IPOs.

Through the funds raised, SpaceX is to pump cash into a plan to establish AI data centres in space, a Musk vision that centres on overcoming energy limitations on earth. The company is also plotting new satellite constellations to fuel Starlink, while it will also pay down debt after taking a $20 billion bridging loan in March.

FT added the $1.78 trillion market value makes SpaceX the priciest of the world’s top 10 valuable companies, with its shares trading at 92 times its $19 billion revenue in 2025.

Following SpaceX’s market debut, OpenAI and Anthropic have also announced intentions to also hold a listing.

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Meta Platforms expanded its partnership with Reliance Industries, agreeing to lease its first AI-enabled data centre in India as part of ambitions to grow its presence in the country.

Meta stated Reliance will build the facility in the Indian state of Gujarat with 168MW of capacity which Meta will use to “scale its AI infrastructure”.

The Facebook-owner explained it is investing aggressively to expand its capacity footprint, and India’s “tech-forward digital economy”, massive user base and the strength of its partnership with Reliance makes it the ideal location.

Reliance has identified Jamnagar, Gujarat as a strategic location, building out one of the largest data centre campuses in the world there, with access to the significant energy resources needed to power AI-enabled infrastructure.

The facility’s first phase will be to deliver 168MW of capacity, with options to scale.

Meta CEO Mark Zuckerberg said the facility will help the company scale its AI infrastructure globally, “while deepening our long-term investment in India’s economy”.

Chairman and managing director of Reliance, Mukesh Ambani, added that building India’s first built-to-suit AI data centre for a company of Meta’s scale “demonstrates India’s readiness to be at the forefront of the global AI revolution”.

The collaboration builds on a long-standing partnership between the pair, with Meta investing $5.7 billion in Jio Platforms in 2020.

Clean energy
The site will be powered by renewable energy and cooled with desalinated seawater. Meta is set to cover the full cost of supporting the facility.

It has struck a deal for around 1GW of new clean and renewable energy, partnering with domestic companies CleanMax and Fourth Partner Energy.

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China is reportedly plotting an outlay of around CNY2 trillion ($295 billion) over the next five years to build out data centres across the country, with state-owned telecoms operators tasked with managing the sites and vendor Huawei providing the bulk of the technology.

Bloomberg sources claim government agencies including the National Development and Reform Commission are drafting up plans to construct a network of “inter-connected computing hubs”, as part of a government initiative to boost domestic AI and increase competition with the US.

Operators China Mobile and China Telecom are named as being tasked with operating and connecting the bulk of the data centres, while suppliers including Huawei will be charged with providing at least 80% of the technology including AI chips.

The plan is in line with steps taken in recent years by the state to pump resources into domestic heavyweights like Huawei, effectively squeezing out US competitors such as Nvidia and AMD.

Funding for the plan will mainly come from sovereign debt including long-term special government bonds with more than a 10 year tenure and state funds for investment in strategic industries, added the sources.

In addition to the AI facilities, which will include data centres and faster mobile infrastructure, China also apparently plans to integrate the power grid to the project.

The planned investment figure does not include separate outlays planned by the country’s technology heavyweights including Alibaba and Tencent, added the sources.

Nvidia locked out
Notably, US AI companies are also planning for major AI investment. Meta Platform has set capex guidance of $125 billion to $145 billion for 2026, while Microsoft has committed to a $190 billion spend over the same period.

Robert Lea, an analyst at Bloomberg Intelligence said the big winner of China’s plan will be the nation’s economy, rather than private sector companies like Alibaba and Baidu.

“Domestic infrastructure suppliers including Huawei stand to benefit most, with Nvidia unlikely to get a look in,” he added.

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Nokia teamed up with Indosat Ooredoo Hutchison to modernise the operator’s mobile network with advanced 5G RAN capabilities, as part of broader ambitions around AI-enabled services.

Nokia stated it will support the rollout of low- and mid-band 5G in the country to help build “AI-ready” networks, serving Indosat’s customers nationwide.

The Finnish vendor pitched the partnership as “more than a network upgrade”, touting a commitment to enhancing digital experiences including immersive entertainment, gaming and everyday digital activities. It also pointed to advanced consumer and enterprise use cases because of a better network, spanning several key sectors.

The duo explained the network modernisation push will lay the infrastructure foundations for the country’s next phase of growth, with a shared mission “to turn connectivity into a platform for intelligence”.

This will be done through a deployment of AI-RAN, working with Nvidia to hold field trials in Indonesia by the end of 2026. It will also support Nokia’s work on new AI algorithms designed to improve spectral efficiency on Nvidia AI-RAN platforms.

Indosat added combining centralised AI factories and distributed AI-RAN infrastructure will advance its AI grid, creating a unified intelligence layer that distributes both AI and connectivity to millions.

Justin Hotard, CEO of Nokia, said together with Indosat and Nvidia, it is working to build a network that expands 5G, enables new AI driven services and creates long-term value.

“This partnership reflects a broader shift in the industry, as operators invest in networks that deliver high performance at scale while supporting greater efficiency, new business models and digital growth.”

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BT claimed to be the first UK company to join Anthropic’s Project Glasswing, a move it said strengthens cybersecurity for its networks and enables better protection against the latest AI threats for customers.

The operator made the announcement at the UK Government’s AI Adoption Summit at London Tech Week, with the country committing to accelerate AI usage across the economy.

BT stated its membership to Project Glasswing will give it access to Anthropic’s frontier AI model Claude Mythos Preview, strengthening protection against cybersecurity threats for its network and customers.

Anthropic announced last week it had expanded access to Mythos to 150 new companies across 15 countries, after initially restricting it to a group of private technology players.

BT explained Project Glasswing brings together “critical infrastructure providers” to secure data and systems, allowing organisations to use Anthropic’s safe AI systems to identify vulnerabilities and help to fix them before criminals can take advantage.

In a speech during the summit, BT CEO Allison Kirkby outlined the critical role of connectivity in ensuring the UK can seize the growth potential of AI, emphasising the operator’s commitment to working with the government to support “sovereign British AI capability so that the UK can be an AI maker and not just a taker”.

In line with its participation in Project Glasswing, BT said it prevents more than 4 million cyberattacks across its network every day.

CEO of BT Business Jon James added AI is changing cybersecurity fast and “businesses need trusted partners who can help them stay one step ahead”.

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French operators Bouygues Telecom, Free-Iliad Group and Orange reached a deal with Altice France to acquire SFR for a total enterprise value of €20.4 billion, sparking a major shake-up of the country’s telecoms sector.

The three would-be acquirers signed a memorandum of understanding with Altice France less than two months after entering into exclusive talks. An initial offer of €17 billion was rejected in October 2025.

Terms of the proposed deal remained unchanged from what was laid out in April, with Bouygues taking a 42% stake, Free-Iliad 31% and Orange 27%.

SFR’s consumer mobile and broadband units will be carved up between the consortium, with Bouygues to take control of the B2B segment.

With the deal expected to be subject to intense national and European regulation, breakup fees of between €100 million and €2 billion have been agreed, depending on the reason for any collapse and timing of termination of the deal.

Regulatory scrutiny is likely to be fierce because the transaction will reduce the number of players in the market from four to three, though there are signs traditional European regulatory resistance to deals which do so are beginning to lessen and the European Commission indicated an easing of corporate merger rules earlier this year.

The companies stated the proposed transaction would create value for all stakeholders, and ensure continued development of France’s infrastructure and digital ecosystem.

Combining SFR’s assets “is expected to generate significant synergies”, benefitting consumers and the overall digital ecosystem by bolstering the capacity to invest.

A consultation period will now be opened with relevant employee representative bodies. Definitive legal documents are expected to be signed in the second half of 2026 with completion expected in the second half of 2027, following regulatory clearance.

Big challenge
Kester Mann, director of consumer and connectivity at CCS Insight, believes the deal paves the way for the greatest shake-up in the French telecoms sector since the arrival of Iliad in 2012.

“The agreement appears a successful outcome for all parties. Bouygues, Orange and Iliad each gain important new assets in their pursuit for greater scale, while eliminating a major rival will reduce the competitive intensity of the market.”

He warned the biggest challenge would be to convince competition authorities the deal is positive for the French market.

“Several years ago, this would have felt like a herculean task. But the regulatory tide has steadily been turning favour of consolidation in Europe following recent deals approved in the UK and Spain. Although a lengthy probe is likely, it is surely odds-on to get the green light,” he added.

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Telenor is reportedly exploring a sale of its digital bank in Pakistan, marking a full exit from the country following the sale of its mobile unit which was completed in December 2025.

Bloomberg reported Telenor is working on offloading its 55% equity stake in Easypaisa Bank, which was formerly known as Telenor Microfinance Bank. According to sources, a sale could be worth “several hundred million dollars”.

Over the next month, Telenor will apparently invite initial offers from prospective bidders, although no final decision has been made on the fate of the stake.

The rest of Easypaisa is owned by Ant Group, and the mobile money service is popular for cash transfers in the nation.

In line with a strategy to dispose of businesses in Asia, Telenor sold its telecoms unit in the country for around $490 million to Pakistan Telecommunications Company.  

Selling its stake in the banking business would therefore end the Norwegian operator’s two decade long presence in the country.

In a comment cited by Bloomberg, analyst at DNB Carnegie Christoffer Wang Bjornsen said the move would be “well received by the financial community to see Telenor simplifying its Asian portfolio”.

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