Latest news with #SFR
Mint
23-05-2025
- Business
- Mint
Billionaire Drahi Knows the Art of the Deal
(Bloomberg Opinion) -- Patrick Drahi is on a roll. The billionaire telecoms entrepreneur struck a deal to cut borrowings at Altice France SA in February, lifting the cornerstone of his business empire out of negative equity. Now he's considering cashing in the company's main asset — France's SFR mobile-phone network. A quickfire disposal would be bittersweet for the bondholders who just agreed to rescue Drahi from the mire. Drahi warned in March last year that Altice France's €24 billion ($27 billion) of net debt was unsustainable and creditors would have to take losses. Back then, net leverage was more than six times profit as measured by earnings before interest tax, depreciation and amortization. The equity value was zero or less. A restructuring is set to cut net borrowings to just over €15 billion when it completes later this year, with subordinated creditors taking the biggest haircuts. The primary compensation? A 31% stake in the business for the senior creditors, 14% for the juniors. Drahi retained control with the rest. But the value of that equity could be about to become deliciously clear. With the ship stabilized, Drahi can consider a full or partial sale of SFR from a position of strength. It's certainly an opportune moment to do so. European regulators may be becoming more tolerant of mobile markets consolidating around three players. The UK is allowing Vodafone Group Plc to swallow up UK rival Three, for example. An all-French deal here would likely require SFR to be carved up in varying chunks to Bouygues SA, Iliad SA and Orange SA, as Bloomberg Intelligence suggests. Emirates Telecommunications Group Co. may also evaluate a transaction, Bloomberg News reported. Price might be a bigger stumbling block than regulators. A deal could value SFR at as much as €30 billion, Bloomberg News reported. Even if that included Altice France's stake in the XpFibre network, possibly worth around €2 billion, it would still represent a chunky eight times the €3.5 billion Ebitda that CreditSights research reckons the business could be making come 2027 — not outlandish but high. CreditSights' base-case valuation multiple is five, rising to seven with a takeover premium and potentially higher in a deal with domestic synergies. A transaction at the lower end of the range seems more achievable. That would also be a good comeback: A €22 billion deal would ink €7 billion of equity value, with nearly €4 billion accruing to Drahi. A quick flip of SFR at a strong price would, of course, benefit creditors, given their stake. But it also raises an embarrassing question. Shouldn't they have resisted a restructuring deal and sought to take control of Altice France and flipped it themselves? In that scenario, they would have done even better. The snag is that there was no quick route to seizing control before 2027 when troublesome debt maturities loomed. A more combative group of bondholders might have dragged things out until that crunch point. But the creditors here are an unruly coalition of risk-averse loan funds and opportunistic hedge funds. Drahi took advantage of fears that SFR's performance could deteriorate over time, bringing everyone to the table before it was strictly necessary. If Drahi comes out on top, it looks like the junior creditors have done relatively well at the expense of their senior brethren, although cross-holdings blur the distinction. The junior debt didn't obviously have any value going into the restructuring. Its holders got their lucrative equity stake effectively to buy their consent for a deal. Had they been wiped out, they could have frustrated things with legal action. The cost of cooperation will be felt when the spoils of any SFR deal are shared. Drahi proved adept at reading the dynamics of power between him and his creditors in getting the restructuring approved. Has he read regulators' and telecom bosses' appetite for consolidation equally well? Probably, yes. More From Bloomberg Opinion: This column reflects the personal views of the author and does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners. Chris Hughes is a Bloomberg Opinion columnist covering deals. Previously, he worked for Reuters Breakingviews, the Financial Times and the Independent newspaper. More stories like this are available on
Bloomberg
23-05-2025
- Business
- Bloomberg
Billionaire Drahi Knows the Art of the Deal
Patrick Drahi is on a roll. The billionaire telecoms entrepreneur struck a deal to cut borrowings at Altice France SA in February, lifting the cornerstone of his business empire out of negative equity. Now he's considering cashing in the company's main asset — France's SFR mobile-phone network.
Business Wire
19-05-2025
- Business
- Business Wire
Proptech Innovator Roofstock Launches Short-Term Rental Management Division With Investment in Casago
BUSINESS WIRE)-- Roofstock, a leading platform for investing in and managing single-family rental (SFR) homes, announced its participation in the investor consortium that took Vacasa, Inc. private on May 1. As part of the transaction, Roofstock has secured an ownership stake in Casago, the merged entity, and will officially enter the short-term rental management business by launching Casago franchises in three popular travel destinations: This strategic expansion reflects Roofstock's commitment to delivering a unified platform of proprietary data and institutional-grade tools for real estate investors of all sizes to research, acquire, manage, and optimize rental properties—whether long-term or short-term. 'Today is an exciting day at Roofstock and for our industry. Historically, we have focused on providing end-to-end real estate investment services for the SFR industry across the ownership lifecycle; from buying to managing to selling. We are excited to extend this suite of products and tools to the massive short-term rental sector, and we couldn't be more excited to partner with Casago,' said Gary Beasley, co-founder and CEO of Roofstock. By partnering with Casago's franchise network, Roofstock will extend its Rental Genome™ powered tools, such as automated underwriting, home mapping and real-time portfolio intelligence, as well as Stessa, its asset management and accounting software, to the short-term rental sector—simplifying the owner experience and enhancing returns for investors. 'Our initial markets of Tampa, Charleston, and the Oregon Coast each enjoy strong tourism dynamics and robust demand. We look forward to working with short-term rental investors to help them optimize the performance of their homes while providing exceptional experiences to our guests,' said Doug Brien, president of Roofstock and co-Founder of Mynd, which merged with Roofstock last year. Roofstock has appointed Craig Rashkow to lead its short-term rental division. Rashkow brings deep experience across short-term and long-term rental operations, having held leadership roles at several innovative real estate and hospitality companies, including Sonder and Summer. With a background in scaling high-performing service organizations that leverage modern technology tools, he brings a unique perspective to the convergence of SFR and STR strategies. 'We're pioneering the integration of single-family and short-term rentals with the technology investors need to participate in a cohesive and data-driven way,' said Rashkow. 'Having worked across both asset types, I've long believed that unifying them is a critical next step for the industry and for investors. Roofstock is uniquely positioned to lead this evolution—and I'm thrilled to help make it happen.' Debt financing to support Roofstock's investment in this transaction was provided by Coromandel Capital. 'Coromandel is proud to support Roofstock in expanding its platform into the STR space. This marks a natural evolution in the convergence of SFR and STR models, and we believe Roofstock – armed with a best-in-class technology platform, unparalleled data insights, deep operational expertise, and a premier property management platform – is uniquely positioned to lead this transformation. We are excited to back a team that shares our vision for modernizing real estate investment infrastructure,' said Alex Wu, Co-Founder at Coromandel. About Roofstock Roofstock's mission is to Reinvent the Rental Housing Ecosystem for the Benefit of all. Its platform empowers investors of all sizes to buy, sell, and manage residential investment properties with confidence. Roofstock's platform combines data-driven insights, integrated property management, and a nationwide footprint to dramatically simplify real estate investing. The company has helped facilitate over $9B of transactions, currently manages over 20,000 rental homes, and empowers 300,000+ owners to more efficiently manage over 1M units with its Stessa asset management software. Roofstock has been helping revolutionize real estate investing since 2015, and is backed by a world-class group of investors including Softbank, Khosla Ventures, Bain Capital Ventures, Lightspeed Venture Partners, QED Investors and Invesco. About Casago Casago is a top-rated vacation rental management company providing professional property management services for homeowners across North America, Belize, Costa Rica and the Caribbean. Founded in 2001 by former Army Ranger Steve Schwab, Casago has earned a reputation for delivering exceptional guest experiences and reliable property management services through a franchise-driven model. In 2025, Casago expanded its footprint by acquiring Vacasa, a leading vacation rental platform in North America. With a customer-centric approach, the combined company empowers local teams to provide personalized, responsive support for both homeowners and guests. Casago's commitment to quality is reflected in its industry recognition: it is the only property management company of its scale to be rated in the Top 1% by Comparent. Additionally, nearly 95% of U.S.-based local operating partners are Airbnb Superhosts, VRBO Premier Partners, or both. Founded in 2019, Coromandel is a solution-oriented partner providing bespoke, non-dilutive senior secured capital solutions to leading FinTech, specialty finance, and tech-enabled Companies. Coromandel thrives in the unconventional and esoteric across the corporate Lifecycle. Coromandel provides investors with access to innovative, uncorrelated opportunities with its meticulously constructed portfolios.
Bloomberg
19-05-2025
- Business
- Bloomberg
Billionaire Drahi Considers SFR Sale as Rivals Circle
By , Vinicy Chan, Dinesh Nair, and Ruth David Save Billionaire Patrick Drahi's Altice France SA is considering the sale of a controlling stake in SFR amid buyer interest in a deal that could value the French mobile carrier at as much as €30 billion ($34 billion) including debt, according to people familiar with the matter. The company has sent information on SFR to potential buyers in recent weeks, the people said. The business could attract interest from French competitors like Bouygues SA, Iliad SA and Orange SA, the people said. Middle Eastern carriers such as Emirates Telecommunications Group Co., known as E&, and private equity firms may also study deals for SFR, according to the people.
The Herald Scotland
16-05-2025
- Climate
- The Herald Scotland
All of Scotland at 'extreme' wildfire risk amid no flame plea
The hot, dry weather makes ideal conditions for fire to spread and most wildfires are caused by human activity. Area commander Michael Humphreys, SFR wildfire lead said: "Responsible human behaviour can significantly lower the chance of a wildfire starting. Read More: "That's why we're urging people to absolutely avoid the use of naked flames, including barbecues, at this time. "It only takes one spark to start a wildfire and things can get out of hand very, very quickly. "Discarded cigarettes and unsupervised campfires pose a significant threat, so it's vital to follow all safety advice when outdoors and to make sure you are familiar with the Scottish Outdoor Access Code at all times." An extreme wildfire warning map for all of Scotland (Image: Scottish Fire and Rescue Service) Remote and rural communities, in particular, are impacted by wildfire. Area Commander Humphreys added: "Many rural and remote communities are hugely impacted by wildfires, which can cause significant damage. "Livestock, farmland, wildlife, protected woodland and sites of special scientific interest can all be devastated by these fires - as can the lives of people living and working in rural communities. "These fires can also have a hugely negative impact on the environment and the release of air polluting gases into the atmosphere." The SFRS has an array of wildfire prevention and safety advice on its website.
