Morgan Stanley has converted an advisory role into an equity capital markets mandate with the sale of €182m ($179m) of shares in Wanadoo, the internet access and directories subsidiary of France Télécom, for Auna, a Spanish telecoms group.

Lehman Brothers advised Wanadoo on its acquisition of eresMas, Spain's second biggest internet service provider, from Auna. Morgan Stanley advised Auna. Wanadoo acquired 100% of eresMas in exchange for newly issued Wanadoo shares, valuing eresMas at €255m.