Mexico’s America Movil official has a majority stake in Telekom Austria, according to reports.
America Movil launched an offer for all outstanding Telekom Austria shares in May; late last week, the Mexican company closed the deal for more than $1 billion. America Movil now owns a 50.8 percent stake in the Austrian telco, according to reports.
The Mexican company could still increase its control in the company, say reports, though the latest acquisition remains subject to regulatory approval.
Reports say the merger is a strategic move by America Movil to expand its presence outside of Latin America, especially as regulators in Mexico are cracking down on America Movil’s market dominance at home.
Full content: Total Tele
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