Mexican billionaire Carlos Slim has increased his shareholding in Austrian telco Telekom Austria Group.

Following the expiration of the public takeover offer for all shares in Telekom Austria, Carso Telecom, a subsidiary of Carlos’ Mexican company América Móvil, has obtained additional shares representing 8.68% of the equity. América Móvil’s stake in Telekom Austria will thereby climb from 50.8% to 59.7%.

América Móvil offered shareholders €7.15 per share. Undecided small stakeholders had time until October 16, 2014, to sell their shares during an extended deadline.

Telekom Austria GroupTelekom Austria Group which is listed on the Vienna stock exchange has around 23 million customers in eight countries: Austria (A1), Bulgaria (Mobiltel), Belarus (velcom), Croatia (Vipnet), Slovenia (Si.mobil), Serbia (Vip mobile), Macedonia (Vip operator) and Liechtenstein (Telecom Liechtenstein). In total, the eight countries have around 41 million inhabitants.

Telekom Austria Group which is active in the areas of telephony, internet, TV, multimedia, data and IT solutions employs more than 16,000 people and achieved a turnover of around €4.2 billion in 2013.

América Móvil, Latin America’s largest mobile network operator, wants to build up a foothold in Europe through the participation in Telekom Austria, also for further acquisitions.