SFR: offices placed under seal, the operator put on a dry basis

by bold-lichterman

SFR headquarters offices were placed under seal by the Competition Authority on Thursday April 2 in Saint-Denis. The latter would have confirmed the information to AFP, without specifying the reasons.

The merger of the teams involved

The Authority would look more particularly at the merger of the SFR and Numericable teams – following the takeover of SFR by Altice-Numericable finalized at the end of 2014 – to find out whether it would have started before obtaining its approval, reports The world. If this is the case, the newspaper specifies that a fine of up to 5% of turnover could be imposed.

The Competition Authority gave the green light to the acquisition of SFR by Numericable in October 2014. The battle had been tough to get their hands on the second mobile operator in France, the group of Patrick Drahi had to face Martin Bouygues who also wanted to buy the company. Altice-Numericable was finally right, for an operation of more than 13 billion dollars.

SFR put on dry mode

Since then, SFR has been put on a dry run by the businessman. Thus, several projects were frozen, expense reports and invoices would be peeled, reports the Sunday newspaper according to which Patrick Drahi would like ” release 600 million euros per year ” to reimburse what it cost him to buy out SFR.

Many contracts were reportedly terminated in order to renegotiate the terms. Most of the service providers and suppliers of the operator have seen their invoices frozen indefinitely, a real standoff is being played out with the new management of the group. Finally, to achieve a reduction in the operator’s standard of living, the workforce would be severed with the eviction of 55 directors whose salaries exceed 150,000 euros.