By Ed Frankl

Telekom Austria AG said late Monday that its main shareholders have agreed to support a spin off of its mobile-towers business.

The Austrian telecoms company said its two main shareholders, Carlos Slim's America Movil SAB and Austrian state holding company OeBAG, agreed to support the spinoff, which would be listed on the Vienna Stock Exchange and shares distributed proportionally to Telekom Austria's shareholders.

A decision about the spinoff is subject to all relevant corporate approvals, the company said.

The two main shareholders also agreed to renew their syndicate agreement for a term of 10 years, including changes to the management board once the current term expires, Telekom Austria said.

America Movil holds 51% and OeBAG 28% of the company, according to Telekom Austria's corporate website.

Write to Ed Frankl at edward.frankl@dowjones.com

(END) Dow Jones Newswires

February 07, 2023 01:49 ET (06:49 GMT)

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