Telekom Austria looks to raise EUR500 million

By IVCPOST Staff Reporter

Aug 27, 2013 06:35 AM EDT

With the objective of purchasing new frequencies in a September auction and acquiring companies, Telekom Austria has planned to raise EUR500 million in fresh capital, the Der Standard reported. Carlos Slim gave his assurance that his company, America Movil, would be participating in the effort. America Movil owned 24% of Telekom Austria. The Austrian government is also a stakeholder in the company, owning a 28% stake.

Hannes Ametstreiter, chief executive of Telekom Austria, said that the company is also trying to be the leading player in the Balkans. It was on the lookout for acquisitions in Croatia and Serbia that could make this happen.

Recently, the company has re-entered the race to purchase Serbia's SBB cable. According to media reports, this buyout could fetch up to EUR1 billion.

Telekom Austria earlier issued EUR900 million in hybrid capital this year, and said that its financing needs were covered, excluding any extra expenses. Telekom Austria had no immediate comment regarding the matter.

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