America Movil’s bout of ongoing M&A activity is progressing with its Telekom Austria bid turning mandatory, while separately agreement has been reached with AT&T to buy out the US operator’s eight per cent stake in the Latin American giant.
The offer from America Movil for the outstanding shares in Telekom Austria is now unconditional, the Austrian operator announced.
America Movil launched a public tender in May to acquire the shares in Telekom Austria it does not already control, following its agreement with state-backed shareholder OIAG at the end of April.
Meanwhile billionaire Carlos Slim’s holding company Inmobiliaria Carso has said it will pay $5.57 billion to AT&T for the stake it holds in America Movil.
The US operator holds a 8.3 per cent stake in the Latin American giant which includes 24 per cent of the company’s voting shares.
The deal has been on the cards since AT&T’s proposed takeover of US satellite provider DirecTV was unveiled earlier this year.
DirecTV’s interests in Latin America overlap in a number of markets where America Movil is also present, so requiring the sale of the US operator’s stake.
The offer in Austria is worth $2 billion, according to Reuters, which said it became unconditional because the pact between the two largest shareholders gained all the necessary regulatory approvals.