Patrick Drahi

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Patrick Drahi
Patrick Drahi 2016.jpg
Born (1963-08-20) 20 August 1963 (age 57)
Casablanca, Morocco
NationalityMoroccan, French, Israeli, Portuguese
EducationÉcole Polytechnique
OccupationBusinessman
Known forFounder of Altice
Net worthUS$13.5 billion (February 2021)[1]
TitleChairman of Altice
Spouse(s)Lina Drahi
Children4

Patrick Drahi (Arabic: باتريك دراحي‎ ; Hebrew: פטריק דרהי‎; born 20 August 1963) is a French-Israeli billionaire businessman with French, Moroccan, Portuguese, and Israeli citizenship,[2] living in Switzerland since 1999.[3] He is the founder and controlling shareholder of the European based telecom group Altice, listed on the European Euronext Stock Exchange.

Early life[edit]

Drahi was born in Casablanca, to a Moroccan Jewish family. When he was 15 years old, the family moved to Montpellier, France. He descends from Jews expelled from Portugal by the Portuguese Inquisition.[4] His parents are both math teachers. Drahi has an engineering degree from the École Polytechnique university in Paris, and a post-graduate degree in optics and electronics.[5][6]

Business career[edit]

Drahi's business career began when he and an American partner convinced mayors in southern France to allow them to lay cable for television in their towns. This company was later sold to John C. Malone's UPC. Drahi was paid in UPC stock and went to Geneva to work for the company. He sold his position in UPC for approximately 40 million Euros just before the dot-com bubble burst.[7] In 2001, he founded the Amsterdam-based holding company Altice ATCE.AS, which soon began to buy up European cable companies.[7]

Drahi owns the Israeli cable television company HOT.[8]

In 2013, Drahi founded the international news channel i24news, based in Israel, and broadcasting in French, Arabic, and English.[9]

Drahi founded the French cable operator Numericable.[7] In 2013, Drahi bought SFR, the second largest mobile phone and internet provider in France, from media conglomerate Vivendi.[10]

Drahi and his group Altice entered the American telecommunications market in 2015 by purchasing a 70 per cent stake in Suddenlink Communications, the seventh-largest cable company in the US. Suddenlink is valued at $9.1 billion.[11] Also in 2015, Drahi bought Cablevision from the Dolan family, renaming it Altice USA with its flagship brand Optimum being the fifth-largest cable operator in the USA.[12] In 2018, the Dolans sued Altice USA over alleged violations of the terms of the sale.[13]

As of November 2015, Forbes estimated Drahi's net worth at $10.3 billion. Forbes ranked him as the 60th-richest person in the world, the third-richest person in France.[14] He was ranked as the richest person in Israel, until 2016, when he came in second.[8][15]

In June 2019, Sotheby's announced it was being acquired by Drahi at a 61% market premium.[16]

In September 2020, to take the company private, Drahi offered €2.5 billion to minority shareholders of Altice.[17] On 5 March 2021, Forbes listed his net worth at US$11.7 billion, ranking him 248 on the Billionaires 2020 list.[18]

Personal life[edit]

Drahi is married and lives in Geneva, Switzerland with his wife.[19][20] His children live in Lausanne, Tel Aviv, and Bristol.[7]

In 2014, Drahi and his wife Lina created the Patrick and Lina Drahi Foundation (PLFA) to support innovative programs in the areas of science and education, entrepreneurship and innovation, the arts, and Israel and the Jewish people, through organizational grants. Incorporated in 2016 and headquartered in Zermatt, Switzerland, the foundation supports programs in Switzerland, France and Portugal. [21][22][23]

References[edit]

  1. ^ "Bloomberg profile: Patrick Drahi". Forbes. Retrieved 13 February 2021.
  2. ^ "Le futur actionnaire de SFR a-t-il renoncé à être français?". 14 March 2014..
  3. ^ Grégory Raymond (14 March 2014). "Qui est Patrick Drahi, le sulfureux patron de Numericable"..
  4. ^ - Visao Sapo - Quem é Patrick Drahi, o homem que quer juntar a TVI à PT
  5. ^ "Patrick Drahi". Forbes. Retrieved 19 January 2015.
  6. ^ "Patrick Drahi". Bloomberg Business. Retrieved 25 September 2015.
  7. ^ a b c d Vinocur, Nicholas and Abboud, Leila (March 14, 2014) "Outsider Patrick Drahi defies French establishment to win SFR" Reuters. "Patrick Drahi, Franco-Israeli businessman and founder of Numericable..."
  8. ^ a b "Globes English - Patrick Drahi's Altice to buy Cablevision for $17.7b". globes.co.il. Retrieved 31 July 2017.
  9. ^ "Billionaire Drahi Set to Expand International Media Holdings". Wall Street Journal. 22 June 2015.
  10. ^ Campbell, Matthew; Mawad, Maria; and de Beaupuy, Francois (April 7, 2014) "Vivendi Agrees to Sell SFR to Altice in $23 Billion Deal" Bloomberg News
  11. ^ "Patrick Drahi's Altice Enters U.S.A. With Suddenlink Deal; Clash of Telco/Cable Titans Looms". Forbes. 22 June 2015.
  12. ^ Chapell, Bill (September 17, 2015) "Cablevision, 5th-Largest U.S. Cable Firm, To Be Sold In $17.7 Billion Deal" NPR
  13. ^ Hayes, Dade (September 4, 2018) "Cablevision’s Dolan Family Sues Altice Over Alleged Breach Of 2016 Merger, Claiming Ageism In News 12 Layoffs" Deadliine
  14. ^ "#57 Patrick Drahi". Forbes. 22 June 2015.
  15. ^ אבריאל, איתן. "500 העשירים: האיש שחזר לפיסגה עם 8.3 מיליארד דולר". TheMarker. Retrieved 10 November 2016.
  16. ^ "Sotheby's to Be Sold, Jolting the Art World". Wall Street Journal. 17 June 2019. ISSN 0099-9660. Retrieved 17 June 2019.
  17. ^ Nic Fildes; Nikou Asgari (11 September 2020). "Drahi offers to take Altice Europe private in €2.5bn buyout". Financial Times. Retrieved 12 September 2020.
  18. ^ https://www.forbes.com/profile/eyal-ofer/?sh=16a81a07f5c8
  19. ^ Financial Times: "French telecoms outsider is more easyJet than jet set" by Adam Thomson 22 May 2015 | "He spends his weekends at his home in Geneva with his Syrian Christian (Greek Orthodox) wife"
  20. ^ Altice's savvy 'playbook' fuels rapid growth at telecoms group 24 February 2015, Financial Times, Adam Thomson in Paris and Arash Massoudi in London
  21. ^ PLFA Foundation website
  22. ^ "PLFA The Patrick and Lina Drahi Foundation" Dun & Bradstreet Directory
  23. ^ "PLFA – The Patrick and Lina Drahi Foundation" Europaweg Grachen Zermatt