Telecom Yellow Pages gone for $2.24 billion

, posted: 26-Mar-2007 10:49

TelecomTelecom just now says it sold its Yellow Pages Group for NZ$2.24 billion, which was pretty much what the directories business was expected to fetch.

The buyers are two: the private investment arm of the Canadian Ontario Teachers' Pension Plan, the Teachers' Private Capital. The OTPP has US$85 billion of funds in total, with the independent TPC having US$12 billion in assets alone.

TPC has invested in the Canadian Yellow Pages Group already, but has a very diverse portfolio. The second partner in the consortium to buy YPG is CCMP Capital Asia, which manages US$2.7 billion.

The deal comprises NZ$2.165 billion in cash and some NZ$75 million of Yellow Pages debtors retained by Telecom. That money buys the Yellow Pages Group with 600 employees in New Zealand, with an annual revenue of $250 million, and represents an EBITDA multiple of 13.6 times.

Outgoing Telecom CEO Theresa Gattung says the transaction is expected to be completed in April, subject to regulatory approval on overseas takeovers and purchases. Gattung wouldn't say what the proceeds of the YPG sale are earmarked for, but indicated this will be outlined on Telecom's third quarter profit announcement on May 3 2007.

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