France Telecom has acquired the third largest Spanish mobile operator, Amena, for $10.7 billion. The French group will buy 80 per cent of Amena for 3.4 billion euros in cash and 3 billion euros in shares, to be issued via a capital increase reserved for Amena shareholders. The deal includes 2.4 billion euros of debt and 1.7 billion euros of tax credits. It is expected to close by midNovember 2005. In a related development, France Telecom unveiled its first-half profits for 2005 soon after announcing the new development. Its net income more than trebled to 1 billion euros. The company saw big improvement in its operating performance, up from 4.3 billion euros to 6.5 billion euros. During the first half of 2005, France Telecom increased its mobile subscriber base by 16.3 per cent to 66.7 million, while its broadband subscriber base grew by 80 per cent to reach 6.4 million.
