NEW YORK (AP) European telecommunications and cable company Altice has agreed to buy New York cable operator Cablevision for $17.7 billion, including debt.

Altice announced the deal Thursday morning before European financial markets opened. Cablevision says the family-controlled company considered the time right for new ownership.

The move is part of Netherlands-based Altice's aggressive expansion in the U.S. It announced a $9.1 billion deal for Suddenlink, a smaller cable company based in St. Louis, in May.

Altice expects to finance the deal with $14.5 billion of debt at Cablevision plus cash from both companies. Altice hopes to complete the deal in the first half of next year, though it remains subject to regulatory approval.

Cablevision is focused in the greater New York City area, including its News 12 operation, and has 3.1 million customers.