Carlos Slim Buys 21% of M-Tel's Owner Telekom AustriaBusiness | June 15, 2012, Friday // 15:40| views
Carlos Slim Helu, Mexican business magnate and philanthropist, the richest person in the world for the third year in a row. EPA/BGNES
Mexican tycoon Carlos Slim has made a deal to acquire 21% of Telekom Austria AG, the owner of Bulgaria's largest mobile operator M-Tel, through his company America Movil SAB.
Am?rica M?vil, S.A.B. de C.V. ("AMX") announced Friday that it has entered into an agreement with Marathon Zwei Beteiligungs GmbH, a wholly owned subsidiary of RPR Privatstiftung, the private trust set up by Mr. Ronny Pecik to acquire approximately 21% of the outstanding shares of Telekom Austria AG ("Telekom Austria").
Pursuant to the terms of the agreement, America Movil SAB acquired on Friday approximately 5% of the outstanding shares of Telekom Austria and will acquire an additional approximately 16% stake upon receipt of certain governmental approvals and other authorizations customary in this type of transaction. The acquisition of this additional stake is expected to close during 2012.
As of Friday, June 15, 2012, after giving effect to the approximately 5% acquisition, AMX total interest in Telekom Austria is 6.7% and, upon consummation of the acquisition of the additional
16% stake, AMX total interest will be approximately 23%.
This acquisition positions AMX as a long-term strategic partner of Telekom Austria, America Movil SAB said, adding that it is part of AMX geographic diversification strategy and provides an attractive presence in Central and Eastern Europe.
AMX expects to develop a constructive relationship with Telekom Austria's stakeholders and is confident about the company's overall potential for development.
Ronny Pecik is expected to continue to serve as vice-chairman of the Supervisory Board and to support the future development of Telekom Austria.
Telekom Austria, the largest telecommunications company in the country, also provides
telecommunication services in Belarus, Bulgaria, Croatia, Liechtenstein, Macedonia,
Serbia and Slovenia. As of March 31, 2012, it had 20.3 million wireless subscribers and 2.6 million fixed lines.
AMX is the leading provider of telecommunication services in Latin America. As of March
31, 2012, it had 306 million accesses in the Americas, including 246 million wireless
subscribers and 60 million fixed revenue-generating units.