The complex negotiations over the fate of Bouygues Telecom are close to fruition, with a chunk of the operator’s assets set to be sold to rival Numericable-SFR for €4 billion, said Les Echos.

Central to Orange’s proposed takeover of Bouygues Telecom has been the fate of the latter’s assets, as well as the size of Bouygues’ holding in Orange following any deal.

The end goal of the complicated arrangement looks to be a reduction in the number of operators in the country from four to three, while satisfying the country’s competition authorities.

Numericable-SFR and Iliad will both receive assets belonging to Bouygues Telecom.

The focus of second largest operator, Numericable-SFR, is the fixed and mobile subscribers belonging to Bouygues, while Iliad is interested in the network, spectrum and shops.

Xavier Niel’s Iliad would pay about €2 billion for its share of Bouygues’ assets.

Orange CEO Stephane Richard confirmed an asset sale to Numericable-SFR and Iliad was nearly complete. “I think we roughly agree on the major points of this dividing up,” he said.

However, there also needs to be agreement on what size stake Bouygues will have in Orange following the deal.

The French government has a 23 per cent stake and is the company’s largest shareholder. Bouygues is angling for between 10 per cent to 15 per cent.

“Sharing of assets is only one step in the proposed acquisition of Bouygues Telecom,” warned Richard. “It is essential, of course, but there will be many more.”