America Móvil set to secure Telekom Austria ownership

America Móvil set to secure Telekom Austria ownership

America Móvil is set to take control of over half of Telekom Austria for approximately $1 billion.

The move represents Carlos Slim’s first major presence in the European telecoms market, and the Latin American company will acquire an additional 23.47% of the Austrian player, adding to its existing 27% stake.

 

It will acquire the additional shares at €7.15 each, giving the company a 50.8% stake in Telekom Austria.

America Móvil has previously failed to solidify a presence in Europe after its proposed deal to acquire Dutch operator KPN fell through.

Slim is expected to utilise Telekom Austria’s presence in central and Eastern Europe to build up a significant presence in the CEE region.

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