Lehman Brothers bankers in Paris and Madrid advised Wanadoo, the internet access and directories subsidiary of France Telecom, in its acquisition of eresMas, Spain's second biggest internet service provider.

Wanadoo has acquired 100% of eresMas from Auna, a Spanish telecoms group, in exchange for 54.3 million newly-issued Wanadoo shares. The transaction, which is subject to the approval of Wanadoo shareholders and competition authorities in Spain, will increase Wanadoo's free float from 15% to 19%. It values eresMas at €255m ($258.7m) based on Wanadoo's last 20-day average share price.