Drahi, owner of the Altice telecoms group, intends to raise the money through floating 25% of his company’s shares on Euronext, the electronic stock exchange based in Amsterdam.
Patrick-Drahi Patrick Drahi / Emil Salman
Patrick Drahi, the French based telecoms magnate has recently announced his intention to out up around 25% of the Altice Group’s equity through an initial public offering. According to company sources the partial floatation is being carried out to both reduce the group’s debt levels as well as fund future acquisitions.
Over the past decade, under Drahi’s guidance. Altice has grown to become one of the largest cable operators in Europe, largely through the prudent acquisition of a number of companies involved in the telecommunications industries .
Currently Altice is in the process of raising their stake in Numericable, a France based cable operator to 40 per cent. Once the deal is completed Numericable would become Altice’s largest asset, surpassing the share holdings that the company holds in cable and telecoms suppliers in Belgium and Israel.
In late 2013, Drahi also acquired a telecommunications company based in the Dominican Republic from Orange, paying out $1.4 billion for the company, which will provide Altice with a strategic advantage for bolstering their existing operations in the French-speaking islands in the Carribean.
Currently Altice provides either cable or telecommunication services to close to fourteen million homes throughout the world, reported profits of € 1 billion on income of €2.4bn for the nine months ending in September 2014.
Patrick Drahi is estimated to have a personal fortune of around 800 million euros.