(Telecompaper) European telecom group Altice has reached a definitive agreement to acquire US operator Cablevision Systems for USD 17.7 billion in cash, at a price of USD 39.40 per share. This is Altice's second step in the US market, after its announced acquisition of Suddenlink in May. Cablevision is the leading cabler in the New York metro area (New York, New Jersey, Connecticut) and has 3.1 million residential and business customers out of over 5 million premises passed by its network. The transaction will be financed with USD 14.5 billion of new and existing debt at Cablevision, cash on hand at Cablevision and USD 3.3 billion of cash from Altice. BC Partners and CPP Investment board have an option to participate for up to 30 percent of Cablevision. Altice intends to raise equity by issuing Class A shares and has received full financing commitments from JP Morgan, BNP Paribas and Barclays. The transaction is expected to close in the first half of next year. The shareholders of Cablevision, which is owned by the Dolan family, have approved the transaction, said CEO James Dolan. The family will still own AMC Networks and Madison Square Garden after the Cablevision sale.