Mexican telecoms giant America Movil (AM) has raised its stake in Telekom Austria Group to 59.7%, the Vienna-based firm has confirmed. Via its subsidiary Carso Telecom, AM acquired 38.437 million shares during the Additional Acceptance Period, which closed on 16 October; the transaction represented approximately 8.68% of the Austrian company’s share capital. The Initial Acceptance Period closed on 10 July this year, and the subsequent share offers were made in accordance with the terms set out in the memorandum published on 15 May 2014.
Going forward, Telekom Austria Group plans to launch a EUR1 billion (USD1.27 billion) capital increase before the end of the year to fund its expansion efforts. According to Reuters, the development has been confirmed by two sources close to the situation. AM has previously noted that it wants to use Telekom as a base for further expansion into central and eastern Europe, where the group already has operations in Bulgaria, Belarus, Croatia, Macedonia, Serbia and Slovenia.