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Drahi set to regain control of Altice Europe

September 11, 2020 10.27 Europe/London By Chris Dziadul

Altice Europe has conditionally agreed to a public offer of around €2.5 billion from Next Private, a company controlled by Patrick Drahi, the founder and majority shareholder of Altice Europe.

The transaction, expected to be completed in Q1 2021, will pave the way for the delisting of Altice Europe.

Commenting on the development, Drahi said: “The proposed transaction announced today will result in a new and exciting chapter for Altice Europe and our stakeholders. Following the group reorganisation in 2018, Altice Europe has successfully executed on the operational and financial turnaround strategy. Over the same period, Altice Europe has made outstanding progress in simplifying and strengthening its diversified capital structure. The proposed ownership structure will enable an increased focus on executing our long-term strategy and underlines my confidence and conviction in Altice Europe’s prospects. Altice Europe has a unique asset base, fully converged and fibre rich, with a leading position and nationwide fixed and mobile coverage across markets. With my ongoing personal involvement, Altice Europe will maintain the fundamental Altice Model at heart. I am excited to continue leading Altice Europe’s loyal management and their excellent teams. Altice Europe continues to have tremendous opportunities ahead”.

Jurgen van Breukelen, chairman of Altice Europe, added: “Right from the start of the process in early August, we have followed a careful, full and thorough process with all four independent non-executive directors and the non-conflicted executive director. Our focus has been on determining the best way forward for Altice Europe and its business, while safeguarding the interests of all stakeholders involved. This transaction will allow Altice Europe to more successfully and effectively achieve its goals in a private and fully owned environment, benefiting from the founder’s ongoing long-term commitment to the business”.

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Related

Filed Under: Editor's Choice, Newsline Tagged With: Altice Europe, Patrick Drahi Edited: 14 September 2020 13:02

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About Chris Dziadul

Chris is our Central & East Europe Editor. You can talk to Chris on Twitter @chrisdziadul or by email at cdziadul@broadbandtvnews.com

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