Mexican telecoms giant America Movil (AM) has announced that it will sell around 5.92 million shares in Telekom Austria to the market, through an accelerated book build offering to institutional investors. Following the successful completion of the transaction, which represents approximately 0.89% of Telekom Austria’s outstanding share capital, AM’s stake will be reduced from 51.89% to 51.0%. The Mexican firm says it has no current intention to sell any of its residual (51.0%) shareholding in Telekom Austria, and added that it has agreed to a ‘180 day lock-up provision with customary exceptions’. Citigroup Global Markets is acting as the sole bookrunner in the offering.
As previously reported by TeleGeography’s CommsUpdate, AM, which took control of Telekom Austria in July 2014, last month reduced its overall stake in the Austrian telecoms group from 59.70% to 51.89%.