Dutch IPO Unveils Hidden Telecommunications Billionaire

Patrick Drahi, the French and Israeli entrepreneur who founded telecommunications company Altice SA, emerged as one of the world’s 200 richest people last week after mounting Amsterdam’s largest initial public offering since 2006.

Altice, based in Luxembourg, has risen 1.9 percent since the Jan. 31 IPO, valuing Drahi’s 71.4 percent stake at $5.7 billion. He collected about $750 million selling shares in the offering, giving him a net worth of $6.5 billion, according to the Bloomberg Billionaires Index.

“I’m very pleased. I think we were the first IPO of the year, the largest in Europe for a while,” Drahi, 50, said in an interview in Tel Aviv with Bloomberg Television’s Elliott Gotkine. “The market’s not good, but we’re doing fine.”

Drahi controls the stake through Next LP, a holding company based in the Bailiwick of Guernsey, a U.K. crown dependency. Drahi confirmed his stake in Altice and declined to comment on his net worth.

“I don’t have an idea because I try to focus on my work,” he said when asked about his net worth. “For me, what I do is not a question of money, how much it’s worth. It’s more, how many customers, what is my revenue, what is my ebitda, what the market says about it. In terms of my percentage, I don’t think about it.”

To contact the reporter on this story: Devon Pendleton in New York at dpendleton@bloomberg.net

To contact the editor responsible for this story: Matthew G. Miller at mmiller144@bloomberg.net

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