Editis, the French publisher which has been acquired by private equity group Wendel Investissement, will spend at least €300m ($367m) of cash on acquisitions over the next three years.

Wendel used Lehman Brothers, Credit Suisse First Boston and BNP Paribas to fund 70% - €460m - of the €660m Editis purchase agreed over the weekend, making it the second largest publishing group in France. Wendel, advised by Toulouse et Associés and Lehman Brothers, will inject €200m of equity.