Hannes Ametsreiter, the CEO of Telekom Austria Group (OTC: TKAGY), is confident that America Movil's (NYSE: AMX) investment in his company will enable it to better target expansion opportunities, particularly in Eastern Europe.
Ametsreiter (Image source: Telekom Austria)
Ametsreiter said in an interview with Austrian business magazine Trend that having a partner with a lot of cash like America Movil, the telecom venture owned by billionaire Carlos Slim, will give it an advantage in a market that's rapidly consolidating.
Among his many goals is to not only expand in markets where it has a presence in by purchasing other fiber and cable network providers in addition to finding new markets to target.
Following its purchase of a 27.7 percent stake in KPN (Amsterdam: KPN), America Movil purchased a 4.1 percent stake in Telekom Austria in June.
The deals with Telekom Austria and KPN are part of an overall effort by Carlos Slim's company to find new sources of revenue outside of Latin America.
For the second quarter, the Mexico City-based telco reported Q2 net income of MXN 13.3 billion (USD 980.6 million), down 45.5 percent year-over-year.
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