Bouygues fell back on the Paris Bourse on Friday morning, after its subsidiary Bouygues Telecom announced on Thursday that it had signed an exclusive agreement with La Poste to buy La Poste Telecom for 950 million euros.

At 08:25 GMT, Bouygues was down 1.26%, one of the worst performers on the CAC 40, which was up 0.12% at the same time.

La Poste Telecom is 51% owned by the La Poste group and 49% by SFR.

The purchase price has been set at 950 million euros, and will be adjusted according to the timetable for completion of the transaction, Bouygues Telecom said in a press release.

"No additional investment would be required for the network part. However, Bouygues Telecom anticipates integration costs in 2025 and 2026 to prepare for the customer migration operation", added the group, which specified that the operation would add around 140 million Ebitda after rent per year from 2028.

The group has also signed an exclusive distribution agreement with La Poste Group, La Banque Postale and La Poste Telecom.

JP Morgan's analysts note that the acquisition price is high, but point to "the advantages of the distribution agreement, a broader customer base, business-to-business opportunities linked to La Poste's distribution network and the absence of impact on Bouygues' capex".

On a Bouygues Group scale, the acquisition could boost Ebditda by 2%, analysts calculate.

The broker maintains its target price of 49 euros and its recommendation of "overweight".

(Written by Corentin Chappron, edited by Blandine Hénault)