Altice’s $24 Billion Debt Crisis: Patrick Drahi Eyes Sale of Moroccan Call Center Giant Intelcia

The first group committee of the semester, which brings together the CEO, Arthur Dreyfuss, the Chief Financial Officer, Benjamin Haziza, and the General Secretary, Laurent Halimi, at the Altice France headquarters, Balard district, in the 15th arrondissement of Paris, on July 8, seals the fate of Intelcia. That day, Karim Bernoussi, co-founder and CEO of Intelcia, a Moroccan giant in call centers, 65% owned by Altice since 2016, who is also close to Altice’s main shareholder, the Moroccan billionaire Patrick Drahi, intervenes by videoconference from Casablanca, where the subsidiary, the third largest player in customer relations on the French market, is headquartered, reports Le Monde.

"For the first time during a group committee, Karim Bernoussi informs us that Moroccan investors are about to buy Altice’s shares," testifies Wilfried Jaire, SUD union delegate of Intelcia, present at the meeting in Paris. The identity of the mysterious investors has not been disclosed. The Moroccan boss only mentions their profile: they would be "family offices". In other words, managers who work on behalf of wealthy Moroccan families. "The idea put forward by Karim Bernoussi [who owns 35% of Intelcia with his deputy CEO] is that of a group of buyers including wealth managers and senior executives of the company," specifies the union representative.

Patrick Drahi’s sale project came in a context where Altice France, SFR’s parent company, is facing a staggering debt of 24 billion euros. At the end of February, the billionaire sealed an agreement with his creditors, paving the way for the buyback of part of SFR’s capital. This upheaval is not without direct consequences on Intelcia, half of its activities depending on SFR. Employees could lose their jobs. The Moroccan giant in call centers can only count on a wide range of clients (France Travail, France Titres, EDF, Engie, Promovacances, Santiane, Meilleurtaux...).