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Stock up in opening trade

By dailymail / Published on Thursday, 22 Jun 2017 15:32 PM / No Comments


Altice founder Patrick Drahi, left, and co-founder Armando Pereira pose for photos outside the New York Stock Exchange, before the company's IPO, Thursday, June 22, 2017.

Richard Drew | AP

Altice founder Patrick Drahi, left, and co-founder Armando Pereira pose for photos outside the New York Stock Exchange, before the company’s IPO, Thursday, June 22, 2017.

CEO Dexter Goei told CNBC on Thursday that the company is keeping an eye out for deals and acquisitions, as well as providing better products, prices and customer service.

“We always said we had a lot of things we wanted to do over the next couple of years: Investment in the network, a lot of the improvements in the technology,” Goei told “Squawk on the Street.” “If we have the opportunity over the next three, four years to buy other stuff, we would absolutely look at that.”

The cable company behind Optimum, Lightpath and Suddenlink announced an ambitious plan last year to take on Google Fiber and Verizon Fios, by bringing a network of high-speed fiber optic internet to 20 states over the next five years.

Altice’s planned 10-gigabit per second connection far outpaces Google Fiber’s current 1-gigabit per second connection, as well as Verizon Fios. Altice’s “future-proof” plan comes as Google has scaled back its own expansion plans for the ultra-fast internet cables.

It comes as faster mobile internet standards, 5G, are also coming soon. Although more consumers are considering moving their video consumption online and mobile, Goei said that buying a wireless provider isn’t an immediate focus. Altice USA is, however, “overinvesting” in content, Goei said.

“At the end of the day, if you’ve got spectrum, you still need fiber,” Goei said. “We look forward to working with the wireless providers and developing 5G with them.”

Altice USA’s parent company will hold 70.3 percent of Altice USA’s shares and 98.3 percent of the voting rights in the company.

Disclosure: CNBC’s parent company, Comcast, is a cable and internet service provider. Reuters contributed to this report.