Patrick Drahi of Altice USA buying Sotheby's, here are his other deals - Josh Loe

Patrick Drahi of Altice USA buying Sotheby’s, here are his other deals


drahi
Patrick Drahi (C), Franco-Israeli businessman, Executive Chairman of cable and mobile telecoms company Altice and founder of Numericable, and Eric Denoyer (R), Chief Executive Officer of French cable operator Numericable, pose prior to a news conference in Paris, April 7, 2014.
Reuters

Patrick Drahi, the founder of Dutch telecommunications giant Altice and the chairman of its US arm, is back on the acquisition trail.

Drahi’s BidFair USA entity is acquiring Sotheby’s in a $3.7 billion deal that would take the auction house private, the companies announced Monday, in a deal that underscores Drahi’s expansion into US media and telecom.

Sotheby’s marks the French entreprenuer’s second notable deal this spring, as Altice USA said in April it was acquiring the streaming-news network Cheddar for $200 million.

In 2016, Altice bought Cablevision for $17.7 billion to become the fourth-largest cable provider in the country, and was rumored to have weighed a bid for the telecom giant Charter Communications.

Back in Europe, Altice has quickly bought up competitors like France’s SFR and Portugal’s PT. In 2017, Altice bought Dutch video ad tech startup, Teads, for $307 million.

“My vision is to do the same in the US, but bigger,” Drahi told The Wall Street Journal in 2015.

Here’s everything you need to know about the billionaire behind some of the biggest telecom deals of this decade.

Note: Lucinda Shen contributed to an earlier version of this post.



Source link