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Slim to build Telekom Austria into European player

Thursday, April 24, 2014

Carlos Slim plans to use Telekom Austria as a base to build a European telecoms network after sealing an eleventh-hour deal with the Austrian state to take control of the company.

Slim's America Movil will invest up to $1.38 billion in Telekom Austria via a rights issue, on top of spending as much as $2 billion to buy out minority shareholders in a mandatory public offer.

The deal represents the first successful acquisition for Slim in Europe, where he has invested more than $4 billion in the past two years building stakes in Telekom Austria and Dutch KPN.

Source: Reuters