Slim Continues European March

Jun 18, 2012

Mexico’s America Movil (AMX) is set to pay around $1bn for a minority stake in Telekom Austria (TA), the company’s second large move in Europe this year. Continuing to scoop up assets on the cheap, AMX has agreed to buy 21% in the Austrian telecom from two private investors, and will own 23%. Financial terms were not disclosed, but the stake would be worth about EUR748m ($945m) at the previous day’s EUR8.04 closing price, with some estimates seeing a premium that would place the price tag as high as EUR880m. Shares closed Friday at EUR8.15. “This makes sense for AMX and is the right way to...

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