Yell poised to be a big noise in Italy
Yell, the company which publishes Yellow Pages, is planning a £3bn swoop on Telecom Italia's directories business.
If successful, it would turn Yell into one of the world's largest yellow pages businesses, with operations in the UK, US and continental Europe. A Yell spokesman said: "If bids are invited, then Yell would want to bid. Yell is very enthusiastic about the opportunity."
Telecom Italia last week decided to sell its 56 per cent stake in the business, called Seat Pagine Gialle. As well as Yell, it is understood that various private equity companies – including Kohlberg Kravis Roberts, Permira, Texas Pacific and CVC Capital – are interested.
Yell's chief executive, John Condron, is understood to have won support for the bid from Apax Partners, the venture capitalist that part owns the business. Yell's other shareholder, Hicks Muse Tate & Furst, is thought to be considering the proposition.
A successful bid would help temper the disappointment of having to pull the flotation of Yell last year. The listing, which would have valued it at around £2bn, was cancelled because of falls on the stock market. Seat also has interests in television and the internet. They make up about 20 per cent of Seat but would not be included in the sale.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies