APE will raise about €2.5 billion (~$3 bn) by selling stakes in three firms to Caisse des Dépôts.
The assets sold are housing company SLI and tunnel operators ATMB (Mont‑Blanc) and SFTRF (Fréjus).
Finance Minister Roland Lescure said the state will focus on strategic sectors like defence, citing recent backing of Eutelsat and Bull.
The transactions require regulatory and other approvals before completion.