Patrick Drahi Profiting in BT Sale
Drahi's Stake in BT Group Plc
French-Israeli billionaire Patrick Drahi plans to profit by selling his stake in BT Group Plc, potentially paying off substantial debts. The value of his shares is estimated to be around 4 billion dollars.
Altice's Creditors Await Sale Proceeds
Altice, the telecom company owned by Drahi, has faced financial difficulties in recent years. Creditors eagerly anticipate the use of proceeds from the BT sale to resolve outstanding debts.
Drahi's Financial Maneuvers
Drahi has been actively seeking buyers for his BT stake and has also taken steps to reduce Altice's debt burden through asset sales. He intends to make a rare appearance before investors to discuss his plans for Altice's future.
Altice's Portuguese Business up for Sale
In addition to the BT sale, Altice is also preparing to receive bids for its Portuguese business. This move is part of Drahi's strategy to streamline Altice's operations and focus on core markets.
Sotheby's Stake Sale Explored
Bankers are currently evaluating potential buyers for a minority stake in Sotheby's, the auction house majority-owned by Drahi. This move indicates that Drahi may be considering divesting non-core assets to improve Altice's financial position.
Drahi's French Fiber Sale
Drahi is also seeking to sell a controlling stake in his French fiber optic business. This sale is intended to provide Altice with additional liquidity and enable it to invest in strategic growth areas.
Drahi Faces Financial Turmoil
Despite his plans to sell assets and reduce debt, Drahi continues to face financial challenges. He recently sold a significant number of BT shares, raising almost 1 billion dollars to address immediate financial concerns.
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