Hutchison's Drei buys Tele2 to rival Carlos Slim's group in Austria

Reuters News
Posted: Jul 28, 2017 3:26 AM

VIENNA (Reuters) - Mobile telecoms group Hutchison Drei Austria will buy landline-focused Tele2 for 95 million euros ($111 million), it said on Friday, creating a group to rival Mexican tycoon Carlos Slim's Telekom Austria.

The merged entity will have 1,500 employees, 1 billion euros in annual revenue and four million mobile, landline and internet contracts, or revenue generating units, Drei said. The deal is expected to close this year, pending regulatory approval.

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(Reporting by Shadia Nasralla; editing by Alexander Smith)