America Movil takes over half of Telekom Austria

|About: America Movil SA de CV (AMX)|By:, SA News Editor

America Movil (NYSE:AMX) is increasing its ownership in Telekom Austria (OTCMKTS:TKAGY) from 27% to 50.8%. The $1B buyout marks America Movil's first successful move into the European market after it failed to acquire Dutch carrier KPN last year.

The company is also looking to particularly expand its operating base outside of Mexico after new legislation passed last week requiring the telecom giant to cut its Mexican market share below 50%.