Brookfield Is Said to Lead Bidding for Drahi’s XpFibre Business

Brookfield Asset Management Ltd. is emerging as the frontrunner to acquire a controlling stake in telecom tycoon Patrick Drahi’s French fiber optic company XpFibre, according to people with knowledge of the matter.

The New York-based investment firm has pulled ahead of rival bidders and is in advanced negotiations on terms of a potential deal, the people said. It could reach an agreement as soon as the coming weeks, according to the people, who asked not to be identified because the information is private.

Drahi’s Altice France SA owns 50.01% of XpFibre. He’d been discussing a valuation of around €8 ...