Latin America telecom giant América Móvil has moved forward on its plans to increase its stake in Dutch-based telecom company KPN, saying it now holds 8.46% of KPN’s stock.
According to its statement, América Móvil has entered into three separate transactions pursuant to which it purchased 4.65 million shares in KPN.
One transaction included 3.45 million ordinary shares in KPN at a price of $10.02 (7.90 euros) per ordinary share, and two transactions totaling 600,000 ordinary shares in KPN each, at the same price.
As a result of these transactions, as well as previous transactions, América Móvil said it will hold more than 121.1 million ordinary shares in KPN, representing a capital interest of 8.46%.
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Last month América Móvil made a partial tender to increase its stake in KPN from 4.8% to approximately 28%, by offering about $10 (8 euros) per share. The tender offer runs until June 27.
To contain América Móvil’s move, Reuters reported earlier this month that KPN was looking to begin taking offers on the sale of its Belgian BASE mobile phone business. The Financial Times, citing people familiar with the matter, reported that the Dutch telecom company is still considering spinning off its E-Plus German mobile business.
These moves indicate América Móvil is looking to enhance its presence beyond Latin America. América Móvil’s U.S.-based subsidiary Tracfone Wireless entered into an agreement to acquire mobile virtual network operator Simple Mobile, which offers SIM-based services using T-Mobile USA’s network.
América Móvil has also entered into an agreement with Marathon Zwei Beteiligungs, a wholly owned subsidiary of RPR Privatstiftung, to acquire approximately 21% of the outstanding shares of Telekom Austria, which counts 20.3 million wireless subscribers and 2.6 million fixed lines.
