MEXICO CITY--Mexican telecommunications company América Móvil has secured a majority stake in Austria Telekom following an offer to buy all of the European carrier's outstanding shares in a bid to bolster its presence in Europe.

América Móvil said Monday around 104 million shares, or 23.5% of Austria Telekom, were tendered in the offer which closed on Thursday, and with which it will raise its stake to 50.8%. Payment is expected by July 24. Shareholders that didn't participate will have an additional three months to tender their shares, América Móvil said.

América Móvil, controlled by billionaire Carlos Slim, made the offer after reaching a shareholder agreement with Austrian government holding company Österreichische Industrieholding AG, or ÖIAG, in April to pool their stakes. The Mexican company is paying EUR7.15 ($9.74) for each Telekom Austria share.

América Móvil's increased stake and operating control of the European company comes as it plans to sell assets in Mexico to avoid strict regulatory measures imposed on it as the dominant carrier in its home country. The measures in Mexico include the elimination of mobile interconnection fees and domestic long-distance phone charges, as well as forced network sharing.

The company said last week that it intends to lower its share of the Mexican fixed-line and mobile markets to less than 50%. The plan, which requires regulatory approval, is aimed at removing its dominant status, and opening the door for it to enter the television market, from which it is currently barred.

Mr. Slim made his move into Europe in 2012, acquiring minority stakes in Telekom Austria and Royal KPN of the Netherlands. His company sees in Europe an opportunity for geographic diversification, having exhausted its acquisition possibilities in Latin America, where it is the biggest mobile phone company.

Unlike KPN, which last year rejected a buyout offer by América Móvil, Austria Telekom welcomed the Mexican investors aboard. América Móvil has also said it would participate in a EUR1 billion capital increase at Austria Telekom to position the carrier for investing in growth in Central and Eastern Europe.

Telekom Austria is active in eight countries in Central and Eastern Europe, with around 23 million customers. In addition to fixed-line and mobile telephone services, its products include broadband Internet, cable TV, and mobile-payment services.

ÖIAG has around a 28% stake in Austria Telekom.

Write to Anthony Harrup at anthony.harrup@wsj.com

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