(Telecompaper) Orange has launched an offer to acquire Spanish broadband operator Jazztel in a bid to compete with its two main rivals Telefonica and Vodafone. The agreement, which values Jazztel at EUR 3.4 billion, follows months of rumours that Orange had intensified its search for acquisition targets in Spain to avoid being left out of the country's telecoms market consolidation. The French operator made an offer for 100 percent of Jazztel shares at EUR 13 per share in cash, which Orange said was 34 percent more than Jazztel's average closing price in the last 30 days. The deal is subject to regulatory approval as well as to Jazztel shareholders tendering at least half of the stock on top of an almost 15 percent stake held by executives who have agreed to sell, including chairman Leopoldo Fernandez Pujals.