Industry Trend - Debt restructuring fights, exemplified by Altice, are becoming increasingly prevalent [1] - A specialized industry of bankers and lawyers is profiting from the gamesmanship surrounding these restructurings [1]

Altice, the telecoms empire, has struggled with a huge debt load while remaining under the control of a shareholder whose approach to debt is singularly ruthless. Lately creditors have been wrung out even further https://t.co/Vfi34OBSwe ...

Police raids took place across France today as part of the corruption probe involving billionaire Patrick Drahi’s sprawling telecommunications group Altice: Here's your Evening Briefing https://t.co/h4QyWkjVib ...

Police carried out raids across France on Tuesday as part of the ongoing corruption probe involving billionaire Patrick Drahi’s telecommunications group Altice https://t.co/eKTqerYGrP ...

Core Viewpoint - The telecom operator, owned by billionaire Patrick Drahi, has rejected a joint non-binding offer from Bouygues, Orange, and Free-iliad group to acquire a significant portion of the company [1] Company Summary - The telecom operator is under the ownership of billionaire Patrick Drahi [1] - A joint non-binding offer was made by Bouygues, Orange, and Free-iliad group [1] - The offer aimed to purchase a large part of the telecom operator [1]

Core Viewpoint - Bouygues Telecom, Free-iliad Group, and Orange have made a joint non-binding offer to acquire a significant portion of Altice's telecommunications business in France [1] Group 1 - The joint offer indicates a strategic move by the three companies to consolidate their positions in the French telecommunications market [1] - This acquisition could potentially reshape the competitive landscape in the industry, impacting market share and pricing strategies [1] - The non-binding nature of the offer suggests that further negotiations and evaluations will be necessary before any final agreement is reached [1]

Core Viewpoint - Bouygues Telecom, Free-iliad Group, and Orange have submitted a non-binding offer to acquire a significant portion of Altice's operations in France, with a total enterprise value of €17 billion [1] Group 1: Companies Involved - Bouygues Telecom, Free-iliad Group, and Orange are the three companies that have made the offer [1] - The acquisition targets a large part of Altice's activities specifically in France [1] Group 2: Financial Details - The total enterprise value of the proposed acquisition is €17 billion [1]

A consortium made up of Bouygues Telecom, Orange and Iliad made an offer to buy most of Altice’s telecommunications assets in France for an enterprise value of €17 billion ($19.7 billion) https://t.co/SRiFgPIfvz ...

Core Viewpoint - Bouygues Telecom, Free-iliad Group, and Orange have submitted a joint non-binding offer to acquire a significant portion of Altice's telecommunications activities in France, aiming to ensure service continuity for SFR customers in a mature market [1][2]. Summary by Sections Offer Details - The joint offer has a total enterprise value of €17 billion for the targeted Altice group assets in France, implying an enterprise value of over €21 billion for the entire Altice France [2]. - The proposed distribution of the targeted activities is approximately 43% for Bouygues Telecom, 30% for Free-iliad Group, and 27% for Orange [2]. Conditions and Process - The submission of a confirmatory offer is contingent upon the seller's acceptance, completion of due diligence, and a financial and operational assessment [3]. - The transaction will require prior consultation with employee representative bodies and clearance from relevant regulatory authorities before completion [3]. Transition and Management - Any assets that cannot be immediately transferred will be managed by a joint company during a transition period, allowing for the gradual migration of customers, relying on Altice group employees [4]. Business Segmentation - The B2B business will primarily be taken over by Bouygues Telecom and Free-iliad Group, while the B2C business will be shared among Bouygues Telecom, Free-iliad Group, and Orange [6]. - Infrastructure and frequencies will also be shared among the three operators, except for SFR's mobile network in less densely populated areas, which will be taken over by Bouygues Telecom [6].

Core Viewpoint - Bouygues Telecom, Free-iliad Group, and Orange have submitted a joint non-binding offer to acquire a significant portion of Altice's telecommunications activities in France, aiming to ensure service continuity for SFR customers in a mature market [1][2]. Group 1: Offer Details - The total enterprise value of the assets concerned in France is €17 billion, with an implied enterprise value for the entire Altice France exceeding €21 billion [2]. - The proposed distribution of the targeted activities is approximately 43% for Bouygues Telecom, 30% for Free-iliad Group, and 27% for Orange [2]. Group 2: Transaction Conditions - The submission of a confirmatory offer is contingent upon the seller's acceptance, completion of due diligence, and a financial and operational assessment that validates the assumptions of the indicative offer [3]. - The transaction will require prior consultation with employee representative bodies and must be approved by relevant regulatory authorities before completion [3]. Group 3: Transition Management - Any assets that cannot be immediately transferred will be managed by a joint company during a transition period, allowing for the gradual migration of customers, with reliance on Altice group employees [4]. Group 4: Business Segmentation - The B2B business will primarily be taken over by Bouygues Telecom and Free-iliad Group, while the B2C business will be shared among Bouygues Telecom, Free-iliad Group, and Orange [7]. - Other assets, including infrastructure and frequencies, will also be shared among the three operators, except for SFR's mobile network in less densely populated areas, which will be taken over by Bouygues Telecom [7].