France Telecom SA has reached a tentative deal to buy Amena, the mobile telephone unit of Spain's Auna, for 10.6 billion euros ($12.9 billion) including debt, a person close to the situation said on Friday. "There is already an agreement in principle," said the source, who asked not to be named. "Now what we need to do is convert that into a contract. That will probably happen next week."
One of the final negotiating points, the source said, is how much France Telecom will pay in cash and how much in shares for Amena, the country's third largest mobile operator with 9.5 million customers at the end of March.
Spain's robust economy has outperformed those of its more stagnant European neighbours, attracting fresh investors in a variety of sectors and helping the mobile phone market to flourish.
"Spain is a rare opportunity for the company," a person close to France Telecom said. "It is one of the few growth markets left in Europe."
France Telecom, which has said providing bundled services to customers is central to its strategy, could bulk up its offerings in Spain, which already include those from fixed-line operator Uni2 and Internet service provider Wanadoo Spain. Still, the price tag had analysts wary.
Comments
Comments are closed.