Billionaire Patrick Drahi, who already owns 77.6% of Altice Europe, wants to buy the remaining capital of the telecoms and media group and withdraw it from the Amsterdam Stock Exchange where it is currently listed. Altice Europe and its founder Patrick Drahi spent a “conditional agreement “ concerning “a public offer “ on Altice Europe securities at a price of 4.11 euros per share, for a total amount of 2.5 billion euros, indicates a press release from Altice Europe published on Friday.
The title of Altice Europe, which closed Thursday’s session at a price of 3.32 euros, logically soared 25% in the first exchanges on the Amsterdam Stock Exchange. This transaction values the group at around 4.9 billion euros. Following this transaction, the group’s share must be withdrawn from the Stock Exchange.
The objective is to proceed with this withdrawal ” as soon as possible “, specifies the document. “The proposed ownership structure will allow greater focus on the execution of our long-term strategy and underlines my confidence and conviction in the prospects of Altice Europe”, commented Mr. Drahi, quoted in the press release. Mr. Drahi will soon submit his offer to the Autorité des marchés financiers. Stakeholders expect the offer to close in the first quarter of 2021.