Patrick Drahi is a prominent figure in the world of media and telecommunications. As an Israeli billionaire magnate and investor, he has made significant contributions to the industry through his company, Altice. With a diverse portfolio and a wealth of experience, Drahi has established himself as a key player in the global telecommunications market. This article delves into his early life, business career, notable acquisitions, and personal life.
Personal Stats
Age: 60
Source of Wealth: Telecom, Self Made
Residence: Zermatt, Switzerland
Citizenship: France
Marital Status: Married
Children: 4
Early Life And Education
Patrick Drahi was born on August 20, 1963, in Casablanca, Morocco, to a Jewish family. At the age of 15, his family relocated to Montpellier, France. Both of his parents were mathematics teachers, instilling in him a strong foundation in analytical thinking. Drahi pursued his education at École Polytechnique in Paris, where he earned an engineering degree. He furthered his studies at Télécom Paris, obtaining a post-graduate degree in optics and electronics.
Business Career
Drahi’s journey in the business world began when he and an American partner successfully convinced mayors in southern France to allow them to lay cable for television in their towns. This venture eventually led to the sale of their company to John C. Malone’s UPC. Drahi received payment in UPC stock and subsequently joined the company in Geneva. Sensing the impending burst of the dot-com bubble, Drahi sold his position in UPC for approximately 40 million Euros.
In 2001, Drahi founded Altice, an Amsterdam-based holding company that focused on acquiring European cable companies. This marked the beginning of his ascent in the telecommunications industry. Drahi also became the owner of HOT, a prominent Israeli cable television company.
Notable Acquisitions
One of Drahi’s notable acquisitions was Numericable, a French cable operator that he founded. In 2013, he made headlines by purchasing SFR, the second-largest mobile phone and internet provider in France, from media conglomerate Vivendi. This acquisition solidified Drahi’s position in the French telecommunications market.
Drahi set his sights on the American telecommunications market in 2015 when Altice acquired a 70% stake in Suddenlink Communications, the seventh-largest cable company in the US. This move was followed by the purchase of Cablevision from the Dolan family, which was subsequently renamed Altice USA. Altice USA, with its flagship brand Optimum, became the fifth-largest cable operator in the USA. However, the Dolans later sued Altice USA over alleged violations of the terms of the sale.
Personal Life And Philanthropy
Patrick Drahi is married and resides in Geneva, Switzerland, with his wife. They have children who live in various locations, including Lausanne, Tel Aviv, and Bristol. In 2013, Drahi renounced his French nationality and became an Israeli national. This move was reflected in his lawyer’s statement to Challenges magazine, emphasizing his ties to Israel.
Drahi and his wife Lina established the Patrick and Lina Drahi Foundation (PLFA) in 2014. The foundation supports innovative programs in science and education, entrepreneurship and innovation, the arts, and Israel and the Jewish people. Headquartered in Zermatt, Switzerland, the foundation provides organizational grants and supports programs in Switzerland, France, and Portugal.
Patrick Drahi’s Net Worth
As of October 2023, Forbes listed Patrick Drahi’s net worth at an impressive $4.2 billion. This substantial wealth has positioned him as one of the wealthiest individuals globally. Forbes ranked him as the 636th billionaire on the Billionaires 2023 list.
