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American cable television provider Altice USA Inc (NYSE:ATUS) is exploring the potential sale of Suddenlink, according to Blomberg.
Suddenlink is a cable and internet service provider in the south-central U.S.. According to Bloomberg sources, Altice is looking to pay down its significant debt load of $20 billion and is working with Goldman Sachs on the possible sale, which could be worth up to $20 billion.
Suddenlink has approximately $1.3 billion in earnings before interest, taxes, depreciation and amortization.
Altice has reportedly begun assessing interest from potential buyers, although they could still decide against a sale.
Following the news, Altice shares hit a high of $13.17 per share. They are currently up over 22% around the $11.23 mark.
