America Movil (AM) will pay EUR743 million (USD1.01 billion) to boost its stake in Telekom Austria Group to 50.8%, the Mexican telecoms giant has announced. Holders of around 104 million shares – equivalent to 23.47% of Telekom’s share capital – have accepted an offer of EUR7.15 per share from AM’s Carso Telecom subsidiary, raising AM’s indirect stake in the Vienna-based group to 50.80%. The offer expired on 10 July, and shareholders who have already accepted the offer will receive their payment by 24 July.
Going forward, AM will assume control of ‘operational responsibilities’ at the Austrian telco. AM’s billionaire owner Carlos Slim has sought to reduce AM’s reliance on its home market, where tough new regulations led the company to announce a breakup of its Mexican assets last week.