(Reuters) - Netherlands-based telecom conglomerate Altice NV (ATCA.AS) and its U.S. cable unit said it is open to mergers and acquisitions, specifically in the cable business.
Altice USA Chief Executive Officer Dexter Goei, speaking at the Goldman Sachs Communacopia Conference in New York on Tuesday, said the company’s M&A interest lies primarily in cable, addressing previous media reports.
In August, Reuters reported Altice was in the early stages of working on an offer to buy Charter Communications Inc (CHTR.O).
Altice said it was open-minded about M&A and was seeing better trends in video for the third quarter.
Altice USA’s initial public offering in June was viewed as a means for founder Patrick Drahi to expand his U.S. cable empire by giving the company public stock it can use as currency for acquisitions.
In May, Drahi told reporters that he considered cable expansion a priority, followed by mobile and content.
However, the company’s executives said on Tuesday they would be patient about making any deals.
“We are absolutely not going to stretch ourselves to do anything that we don’t think is good for our shareholders,” Goei said.
Altice USA (ATUS.N) shares were up 3.6 percent at $29.70 in morning trading.
Reporting by Aishwarya Venugopal in Bengaluru; Editing by Shounak Dasgupta