French open Altice probe
March 11, 2024
Investigators are looking into the scandal that first surfaced in Portugal involving the Altice’s co-founder. French prosecutors are investigating potential corruption that could involve Altice, according to Bloomberg. In July 2023 the group’s co-founder, Armando Pereira, and other business associates were arrested in Portugal for running a suspected money laundering scam through procurement processes.
Pereira was released on €10 million bail while the investigation continues. The Altice group has been rocked by the scandal in Portugal and its better known co-founder, Patrick Drahi, is trying to sell off assets to pay down its net debt of €60 billion.
Almost every part of the business Drahi has built up over the last 30 years, fuelled by debt, is potentially for sale. Iliad group and stc are both said to be interested in buying Altice Portugal assets.
Altice France, including French carrier SFR, is Altice group’s largest unit in revenue, with €11.3 billion in 2022. KKR and Macquarie Group are reportedly interested in acquiring its XpFibre unit.