European telecommunications tycoon and billionaire Patrick Drahi has officially relocated his company’s headquarters from Switzerland to Israel, signaling a significant change in the operations of his vast telecom empire.
According to Bloomberg’s report on Friday (December 20), Drahi’s holding company, Next Alt Sarl, listed an address in central Tel Aviv in the company’s December filing documents.
While Next Alt is based in Luxembourg, which holds most of Drahi’s business assets, a source familiar with Drahi’s thinking confirmed that the change in residency was due to personal reasons, including family considerations. The source requested anonymity due to discussing private information.
Over the past thirty years, Drahi has built a series of companies, becoming one of the largest telecommunications providers in Europe. Simultaneously, he has established a strong commercial presence in Israel, where he owns Altice International, a company that holds telecommunications operator Hot T Communications System Ltd.
In 2013, he also founded the Tel Aviv news channel i24News.
Reports indicate that the tycoon’s tax affairs in Switzerland are under investigation, and his telecom empire is facing pressure to reduce significant debts. The address change may imply potential changes in how he manages his commercial empire and his personal tax obligations.
Drahi has long listed his Swiss address in company documents. According to the Bloomberg Billionaires Index, his net worth is around $5.8 billion.
A source requesting anonymity when discussing private information mentioned that Drahi holds French, Israeli, and Portuguese passports, as well as passports from Saint Kitts and Nevis.
Drahi’s spokesperson declined to comment on the matter.