America Móvil set to secure Telekom Austria ownership

15 July 2014 | Kavit Majithia


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.