France Télécom has agreed to pay EUR6.4 billion for an 80% stake in the Spanish mobile operator Amena. The deal, which will be financed with a EUR3 billion capital increase, values Spain’s third largest cellular operator at around EUR8 billion. FT says the enterprise value of Amena, including tax assets and debt, is closer to EUR10.6 billion. The French telco beat off rival bids from two private equity firms for Amena, which has almost 10 million clients and saw revenues of over EUR3 billion in 2004. Amena’s existing shareholders, including Banco Santander, Endesa and Union Fenosa, will retain a 20% stake in Amena for a minimum of three years. FT and its Orange unit already have mobile operations in France, the UK, the Netherlands, Switzerland, Israel, Australia, Poland, Romania and Slovakia, as well as a number of markets in Africa, the Caribbean and Asia.