Lycos Europe has coughed up E222 million (£129 million) for French portal Multimania, making the combined entity the second largest Web site in France - according to Lycos.

We don't know what the number one is - probably Wanadoo or something. Anyway, it's a share-for-share thing - seven Lycos Europe shares for every three Multimania. The price tag values Multimania nearly ten per cent over its share price before the deal was announced.

Before the deal, Lycos was the tenth largest French Web site and Multimania came in seventh, said Lycos. The acquisition was popular with the stock market - Lycos shares went up 2.4 per cent.

Lycos Europe bought the Swedish equivalent of Multimania, Spray Network, last month for E674 million (£391 million). Do you see a pattern forming? ®