Patrick Drahi, the telecom tycoon, is in the final stages of selling a controlling stake in his French fiber optic company, XpFibre. Infrastructure investor Brookfield Asset Management, and a consortium led by Vauban Infrastructure Partners (which includes Singaporean sovereign wealth fund GIC), are the two remaining bidders. These parties are expected to submit binding offers by the end of the current week for a 50.1% stake in XpFibre.
Previous estimates from non-binding offers valued the company at an enterprise value between €7.8 billion and €8.4 billion. This sale process follows earlier attempts in 2024 that failed to materialize, as bidders' valuations of €6 billion to €7 billion, including debt, were below Drahi's expectations. XpFibre is a significant player in France, operating one of the largest fiber-to-the-home networks with over seven million connections, and was projected to generate over €400 million in EBITDA during 2025.
Initially, other investment firms such as DigitalBridge Group Inc. and KKR & Co. were shortlisted for the second round of bidding but are no longer expected to submit offers. CPPIB, GIP, and Ardian also expressed initial interest but did not proceed to the later stages. Altice is being advised by BNP Paribas and Lazard for the XpFibre sale. Brookfield, which previously invested in French fiber through its ownership of TDF, is reportedly highly motivated to acquire Altice's holding. Vauban, advised by Nomura, potentially aims to combine XpFibre with its existing French fiber business, Vauban Infra Fibre.
