(Bloomberg) -- Billionaire Patrick Drahi has made a bid for Eutelsat Communications SA valuing the French satellite operator at about 2.8 billion euros ($3.2 billion), a person with knowledge of the matter said.
Drahi offered around 12.10 euros per share for Eutelsat earlier this month, the person said, asking not to be identified because the information is private. Eutelsat rejected Drahi’s initial proposal, though the parties remain in talks, according to the person.
The French telecom mogul has been working on a potential deal for several months as he seeks to create a French national champion in satellite communications to take on U.S. rivals, the person said. The bid represents about a 17% premium to Eutelsat’s Wednesday closing price of 10.35 euros.
Reuters first reported news of Drahi’s approach earlier Wednesday, without citing the level of the offer. Negotiations are ongoing, and there’s no certainty they will result in a deal, the person said. A spokesperson for Drahi’s holding company declined to comment, while representatives for Eutelsat didn’t immediately answer phone calls seeking comment.
Drahi recently bought out minority shareholders of Altice Europe NV, the owner of French phone carrier SFR, to take the company private. He also owns the auction house Sotheby’s, which he bought in 2019.
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