ALTCY - Eutelsat jumps on report tycoon Drahi is pursuing buyout

Eutelsat is higher in U.S. trading (OTCPK:ETCMY +12%, OTCPK:EUTLF +6.3%) as billionaire Patrick Drahi is reportedly in talks to buy the French company. One of Drahi's investment vehicles is pursuing direct control of the satellite company, Reuters reports. And Eutelsat turned down the initial proposal, Reuters says, based on price. The company is valued around €2.3 billion (about $2 billion), and 20% of it is held by state investor Bpifrance. Meanwhile, the report indicates Drahi doesn't intend to merge Eutelsat with his telecom assets, notably Altice USA (ATUS -0.1%) or Altice Europe (OTCPK:ALTCY, OTCPK:ALLVF), which he's in the process of taking private. Drahi has held direct talks with Eutelsat's top investors and also reached out to the French government, according to the report.

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Eutelsat jumps on report tycoon Drahi is pursuing buyout