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Patrick Drahi

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business2 years ago•1 min saved

Altice's Debt Woes: Talks with Morgan Stanley to Sell Data Centers

Altice, the cable and telecoms group, is reportedly in talks to sell its data centres in France to Morgan Stanley Infrastructure Partners in an effort to raise cash and alleviate its debt burden. The deal, which is said to have reached an agreement in principle on valuation, could be worth around €1 billion ($1.07 billion). Altice, led by French-Israeli billionaire Patrick Drahi, is under pressure to restore confidence in its financial stability after recent corruption allegations and a total debt of $60 billion. Drahi has pledged to sell assets to repay debt and address refinancing needs.

via Reuters|

#altice #business #data-centres

business2 years ago•2 min saved

Telecoms Tycoon Patrick Drahi Confronts Altice Corruption Allegations: A Shocking Betrayal

Patrick Drahi, the Israeli-French telecoms and media mogul, directly addressed investors and analysts during a quarterly results call for Altice International to address concerns over a corruption probe involving its Portuguese subsidiary. The probe led to the arrest of Armando Pereira, a long-time collaborator and co-founder of Altice. Drahi expressed shock and disappointment and stated that if the suspicions are true, he will feel betrayed. Altice has commissioned an independent investigation and suspended payments to the supply companies implicated in the investigation. Drahi is expected to make further appearances at investor meetings and quarterly results calls in the coming months.

via Deadline|

#altice-portugal #business #corruption-probe

business2 years ago•3 min saved

Drahi's Graft Allegations: French-Israeli Billionaire Faces Investors

French-Israeli billionaire Patrick Drahi, the founder of multinational business empire Altice, is set to address investors amid a corruption scandal that has engulfed his company. The scandal originated in Portugal, where one of Drahi's top lieutenants, Armando Pereira, was detained and accused of corruption and money laundering. The investigation has since spread to other parts of Drahi's empire, leading to dismissals and suspensions of executives. Drahi, who has a fortune estimated at over $10 billion, will attempt to ease investor concerns as rising interest rates and the corruption scandal pose significant challenges for Altice.

via The Times of Israel|

#altice #business #corruption-scandal