21 Aug 2013
Telecoms holding group America Movil (AM), controlled by the Mexican billionaire Carlos Slim, says it has secured the necessary funding to launch a buyout of Dutch incumbent KPN Telecom. AM already owns a near 30% stake in KPN and offered to purchase more of the company earlier this month. The EUR7.2 billion (USD9.7 billion) offer is expected to proceed next month, with AM confirming yesterday that it has agreed to ‘binding credit facilities, subject to conditions, with undisclosed financial institutions’. A similar submission is also expected to Dutch financial authorities for their approval. The Mexican group’s move comes as KPN plans to set an investor vote on a proposed sale of its German business E-Plus. AM is offering EUR2.40 per share to lift its current holding to more than 50%.