Another nice media coup directed by Patrick Drahi third French fortune? Like Xaviel Niel, head of Free, the man of French-Israeli affairs is customary thundering ads.
It has just launched a new challenge in trying to seize Bouygues Telecom. Bold. But the boss of Altice Group, parent company of Numericable, SFR, was invited by the Minister of Economy, Emmanuel Macron, hostile to its portfolio of 10 billion euros. Muscled management methods and spiraling debt loads his group of concern.
It has market confidence
At 51, Drahi combines engineering skills and skilful financier. It multiplies acquisitions in recent months with billions: SFR in France, the cable operator Suddenlink in the United States and Portugal Telecom. He had even considered last month to launch a bid to the US behemoth Time Warner Cable (TWC), before changing his mind.
The way to use the great trust placed in it by the markets up now and historically low interest rates for debt-financed acquisitions admired for many patrons. But debt of more than 33 billion euros of Altice begins to raise concerns because it is not tenable if the acquired assets generate significant cash flow.
The heir of John Malone?
To the point that he who walks in the footsteps of King John Malone US cable, is now compared to Jean-Marie Messier, for his delusions of grandeur that nearly sink the telecoms and media group Vivendi.
And since the acquisition by SFR Numericable, relations between the French cable operator, in search of cost reductions in all directions, degrade with unions and suppliers.
Damien Bornerand, responsible CGT SFR, socially, Mr Drahi, “that is not the employer model” . “In the telecom sector is by far the worst” , fearing he has no moods to cut jobs for the acquisition of Bouygues Telecom
“Patrick Drahi pays only when the bailiff arrived”
A mediator had to be seized to try to find common ground between Numericable, SFR and its suppliers, who have seen their contracts systematically challenged to achieve drastically lower rates and are struggling to get paid their bills.
“Patrick Drahi pays only when the bailiff arrived” said a source with an operator. Its status as a tax resident in Switzerland and the listing of its group in Amsterdam are also singled out by critics, although the Numericable group is registered and listed in France.
The entourage of billionaire father four children, retorted he settled in Geneva for 35 years, his family lives there, and he does not intend to move.
“Patrick Drahi (…) is a big telecom entrepreneur, there is no equivalent in France apart Xavier Niel “, the boss of Free, said one of his relatives.
A virtually unknown
“For 10 years, he has not spent his time dinner in town (…) it is not a regular Parisian circles” , said this investment banker.
Perhaps to overcome a poor image, Patrick Drahi, already the owner of the Israeli news channel i24 News, was one of the saviors was Libération by providing € 14 million every day and has just completed the acquisition of Express . Virtually unknown before the redemption of SFR in 2014, “self made man” rose by the largest schools in the Republic.
How Drahi built his empire
Born in Casablanca, he arrived in Montpellier in 15 years. The son of two teachers of math, he continues Maths sup, Maths spec, the Polytechnic and specializes in telecommunications.
Patrick Drahi began his career at Philips, and was hired by UPC, European subsidiary Liberty Global, the group of Mr. Malone, the American cable magnate, who became his model.
The US giant has a policy of bulimic acquisitions in Europe, with the help of Patrick Drahi.
Then it starts to his account and starts to buy one at a small regional cable operators, while in bad shape.
In France, he built Noos Numericable will become. But it is the acquisition of SFR, eight times bigger target, which propels it on the front of the stage in March, 2014.
Mr. Drahi seizes this subsidiary of Vivendi after a Homeric battle against Bouygues in which the head of the operator, Martin Bouygues, puts its weight.
As a result of this cascade acquisitions, Mr. Drahi became the third French fortune of $ 27 billion, and the World 57th, according to the latest list of US magazine Forbes .
No comments:
Post a Comment