Drahi Eyes €9B Sale of French Fiber Giant XpFibre

Patrick Drahi is preparing to sell a controlling stake in XpFibre, a prominent French fiber optic company. The potential sale could see the business achieve an enterprise value exceeding €9 billion, which encompasses its existing debt of around €5 billion. Advisors have reportedly begun disseminating preliminary information, with the sale process slated to commence imminently and initial bids expected in early March. This significant divestment aligns with Drahi's ongoing efforts to streamline his global telecom empire and address substantial debt obligations.

XpFibre, distinct from SFR, provides high-speed internet infrastructure across France via fiber-to-the-home technology. The remaining stake in the company is held by a consortium including Omers Infrastructure, Allianz Capital Partners, and AXA IM Alts. Previously, other investment firms like Ardian, KKR & Co., and Global Infrastructure Partners had shown interest, though discussions stalled over valuation disagreements. The current sale initiative is part of Drahi's larger move to offload several of his French telecom assets.

This planned sale follows closely on the heels of other major asset disposals by Drahi. His French phone carrier, SFR, recently attracted a €17 billion bid from a consortium of competitors, which was deemed insufficient and rejected. Last year, Altice France successfully negotiated a significant debt reduction deal, amounting to approximately €8.6 billion. These strategic sales underscore Drahi's focus on deleveraging his extensive, debt-financed business portfolio.