2024-01-05 16:19:03
Published on Jan 5, 2024 at 4:20 p.m.Updated Jan 5, 2024 at 5:19 p.m.
At Altice, debt reduction is now. Known to be demanding when it comes to selling one of his assets, billionaire Patrick Drahi nevertheless approaches 2024 in the position of seller. Certainly, nothing says that he will come to an agreement with one or more buyers. But financial pressure over his highly indebted telecoms-media empire is forcing him to solicit offers. A strategic review is underway. It concerns “all geographies and all activities”, the boss’s staff has indicated since last September.
With nearly 60 billion euros of debt in Europe and the United States contracted to finance the mega-acquisitions of the past (Numericable, SFR, Portugal Telecom, Suddenlink, Cablevision), Altice has changed world, following the rapid increase interest rates in 2023. In the summer, the arrest in Portugal of loyal lieutenant Armando Pereira, suspected of corruption and tax evasion, then dealt a blow to creditors’ confidence in Patrick Drahi, the sole owner . The affair brought down several heads, including Alexandre Fonseca, the former boss of Altice in Portugal, who has just left the group of which he was one of the rising figures.
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