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Altice USA to file papers for IPO this week: source

© AFP/File | Altice USA's IPO would be the second biggest of the year after Snapchat parent Snap raised $3.4 billion in March

NEW YORK (AFP) - 

Telecom firm Altice USA plans to take the first steps this week towards an initial public offering on the New York Stock Exchange, a person familiar with the matter told AFP Monday.

Altice USA, the affiliate of Netherlands-based telecom giant Altice led by billionaire Patrick Drahi, plans to file papers by Wednesday with the US Securities and Exchange Commission to launch an IPO, a banking source familiar with the matter said.

That key first step would be followed by a series of "road show" presentations to investors ahead of an initial public offering and the start of trading over the summer.

The funds raised would go to reduce debt and finance additional acquisitions in the United States, where Altice currently us the fourth biggest cable operator and operates in about 20 states.

Altice declined comment.

The offering would come amid a period of flux in the US telecom landscape, which expected to accelerate under the administration of President Donald Trump, who is expected to employ a light touch on regulation.

Altice USA could acquire ventures such as Verizon's Fios or Cox Communications, banking sources told AFP.

Cox has said it is not for sale, but it could potentially emerge as a corporate partner to a consolidating Altice USA.

Altice plans to raise up to $2 billion with the transaction, from selling five to 10 percent of the available shares, valuing the enterprise at $25-30 billion, the source said.

Drahi would maintain 70 percent of the company, with the shares for sale coming from Canadian pension fund CPPIB and BC Partners, which together now hold 30 percent.

The IPO would be the second biggest of the year after Snapchat parent Snap raised $3.4 billion in March.

© 2017 AFP