(Associated Press via NewsEdge) Telecom New Zealand has sold its yellow pages directories business to Canadian investors for NZ$2.24 billion ($1.59 billion), the telecom provider said.
The buyers of the yellow and white pages directories, both print and online, are a private equity consortium of CCMP Capital and Teachers' Private Capital, the investment arm of the Ontario Teachers' Pension Plan of Canada.
Final bids for the yellow pages business were lodged last week.
'This transaction represents a significant outcome for New Zealand Telecom shareholders,' company chairman Wayne Boyd said in a statement, adding that the board was satisfied the transaction fairly reflected the underlying value of the business.
Telecom New Zealand expects the deal to be completed by the end of April, and said it would outline its plans for the proceeds afterward.
The transaction is subject to approval by New Zealand's Overseas Investment Office.
A trading halt was placed on Telecom New Zealand shares ahead of the announcement. The company is the biggest in terms of capitalization on the New Zealand stock market.
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