America Movil (AM), the pan-Latin American telecoms giant owned by Mexican billionaire Carlos Slim, has agreed to buy a 21% stake in the Telekom Austria Group from Viennese businessman Ronny Pecik and his Egyptian partner, Naguib Sawiris, the company has announced. Pursuant to the terms of the agreement, AM has acquired approximately 5% of the shares in Telekom Austria and will buy an additional 16% stake upon receipt of certain governmental approvals and other authorisations customary in this type of transaction; the acquisition of this additional stake is expected to close during 2012. *A company statement reads: ‘This acquisition positions AM as a long-term strategic partner of Telekom Austria.
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OVETEL Acquisition-hungry Slim bulks up European assets through Telekom Austria deal
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