America Movil increased its stake in A1 Telekom Austria by a further 5.5 per cent for an undisclosed sum, giving it a total holding of more than 56 per cent.
In a filing on the Mexican Stock Exchange, America Movil said it purchased the stake from a private investor, upping its ownership in the company from 51 per cent.
The move comes around five months after America Movil and the Austrian operator’s second-largest shareholder OeBAG approved plans to spin-off the company’s tower assets into a separate unit to be listed on the Vienna Stock Exchange, with the process due to be completed in the current quarter.
America Movil already secured a €500 million loan and launched a separate €500 million bond to fund the separated tower entity.
Carving out the operator’s tower assets forms part of America Movil owner Carlos Slim’s wider goal to overhaul the Austrian business, which includes plans to ramp investment in 5G and fibre networks.