Bloomberg's sources said the stake could be attractive to other operators looking to expand in Europe, such as Deutsche Telekom, Orange or Altice. However, America Movil hasn’t made a final decision about the timing or structure of a sale, the report said.
While KPN has no control over who America Movil sells the shares to, the Dutch operator is trying to find investors that would be supportive of the management and its current strategy, one of the people said. KPN has reached out to sovereign wealth funds and other potential long-term investors in Asia with experience in telecommunications that are unlikely to make a bid for the entire company, the person said.
In two sales last year, America Movil offered EUR 3.75 billion of bonds convertible into KPN shares. The company also reclassified the stake as an asset available for sale. America Movil may sell the stake at a premium to raise sufficient funds to compensate investors who bought the exchangeable bonds, one of the people said.
