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America Movil Lifts Telekom Austria Stake Above 50 Percent

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Mexico's America Movil has raised its stake in Telekom Austria Group to more than 50% after it paid USD1 billion for shares it had tendered for.

The transaction, for 23.5% of the Eastern European focused telecoms group sees America Movil lift its stake to a controlling 50.8% of the total, although the state investment company, ÖIAG  which owns 28.4 percent of the telecoms group can veto key decisions.

America Movil is in coalition with the state investment fund and they now jointly own 79.2 percent of the company. The remaining shareholders have been offered three months to consider selling their stakes as well.

Telekom Austria currently operates in Austria, Belarus, Bulgaria, Croatia, Serbia, Macedonia, Liechtenstein and Slovenia. As of December 31, 2013, it had approximately 2.6 million fixed line subscribers, 20.1 million wireless subscribers and revenues of EUR 4.18 billion.

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Tags: america movil  Austria