Slim’s America Movil Planning to Buy Majority Stake in Europe’s Royal KPN

Carlos Slim is looking to expand his empire to Europe…

The 73-year-old Mexican telecommunications mogul, the world’s richest billionaire, has announced that he’s made an official offer to takeover Dutch mobile phone giant Royal KPN, in an attempt to expand his telecom empire into Europe.

Carlos Slim

Slim’s America Movil, headquartered in Mexico City, said in a statement that it plans to buy a majority stake in KPN for 2.40 euros per share.

It already owns 30 percent of the company.

America Movil has not signaled its support for KPN’s recent decision to sell its German unit, the E-Plus mobile network, to Spain’s Telefonica. Slim reportedly believes the 5-billion-euro (6.6-billion-dollar) asking price is too low.

America Movil, the leading wireless provider in Latin America, is Slim’s most lucrative business. In addition to KPN, the company also owns a 23 per cent stake in Telekom Austria.

It’s the latest new venture for Slim, who recently invested $40 million in the music-identifying app Shazam.