Yellow Pages buying Bell Aliant directories for $330M
Last Updated: Monday, February 19, 2007 | 10:26 AM ET
CBC News
Yellow Pages Group said Monday it will pay $330 million in cash to buy Bell Aliant Regional Communication Income Fund's stake in Aliant Directory Services.
Bell Aliant has 87.14 per cent in the directory business, while Yellow Pages owns the remainder.
Marc Tellier, president and chief executive of Yellow Pages, shown in May 2006, says the company wants to buy Aliant Directory Services to strengthen its core business.
(Ryan Remiorz/ Canadian Press)
"We have been a motivated buyer for this asset over the past few years as part of our strategy to further strengthen our core directory business in Canada," said Marc Tellier, the president and CEO of Montreal-based Yellow Pages Group.
Aliant Directory Services publishes phone directories in the four Atlantic provinces. The company publishes 35 directories with a circulation of 1.8 million copies. Last year, Aliant Directory Services generated revenues of $65 million and earnings before interest, taxes, depreciation and amortization of $37 million.
Including the Bell Aliant directories, YPG publishes more than 340 directories annually with a total circulation of 30 million copies. It is anticipated that the transaction will close in early April, subject to satisfaction of the applicable conditions.
Yellow Pages Income Fund indirectly holds 97 per cent of Yellow Pages Group and Trader Corp., which has 200 publications and 20 websites covering the automotive, real estate, general merchandise and employment sectors.
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