Altice USA is close to selling a minority stake in its commercial telecom unit Lightpath to Stonepeak Infrastructure Partners, a New York private equity firm, according to Bloomberg News.
Altice USA began exploring the possibility of selling an interest in Lightpath back in May. According to Bloomberg, Altice USA would sell a minority stake to Stonepeak, valuing the company at about $3 billion in a deal that could be announced as soon as this week.
Altice USA did not immediately return a request for comment.
In May, during its Q1 earnings conference call with analysts, Altice USA CEO Dexter Goei confirmed that the company was exploring strategic options for Lightpath, adding that at the time it was still early in the process but that the company may have more to say in the second or third quarter. He added that any proceeds from an asset sale would go toward debt reduction or share repurchases.
Altice USA is scheduled to release its Q2 results on July 31.