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

VIENNA, July 28 (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. ($1 = 0.8540 euros) (Reporting by Shadia Nasralla; editing by Alexander Smith)