Mexican billionaire Carlos Slim has taken over the majority stake in Austria’s national telco Telekom Austria.

Slim has increased his shareholding from 27.2% to 50.8%, according to his mobile network company América Móvil. The Mexican entrepreneur paid €7.15 per share, 10% more than the relevant stock market value.

The Austrian state will reduce its interest to a blocking minority of at least 25% plus one share. At least 24% of the shares will remain in free flow on the stock market.

Telekom Austria has 23 million customers in Austria as well as in Slovenia (Si.mobil), Croatia (Vipnet), Serbia (Vip mobile), Macedonia (Vip operator), Bulgaria (Mobiltel), Belarus (velcom) and Liechtenstein (mobilkom liechtenstein).

América Móvil, Latin America’s largest mobile network operator, wants to establish a foothold in Europe through its stake in Telekom Austria. The Mexican company which is also a shareholder in Dutch telco KPN plans to use Telekom Austria as a platform for further acquisitions in Central and Eastern Europe, according to industry sources.