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.

(Reporting by Shadia Nasralla; editing by Alexander Smith)