BBC Home
Explore the BBC
BBC News
Launch consoleBBC NEWS CHANNEL
Last Updated: Monday, 26 March 2007, 10:53 GMT 11:53 UK
Yellow Pages sold in New Zealand
Auckland, New Zealand
Telecom Corporation employs 6,000 staff in New Zealand
New Zealand's Telecom Corporation has agreed to sell its Yellow Pages directory business to a private equity group for NZ $2.24bn ($1.59bn; 811m).

The business produces more than six million directories a year and employs about 600 staff.

It is being bought by CCMP Capital Asia and Teachers' Private Capital, which invests in assets for the Ontario teachers pension fund in Canada.

Yellow Pages has recently branched out, buying tourism and retirement guides.

'Significant outcome'

The deal is due to be completed by the end of next month.

"This transaction represents a significant outcome for Telecom shareholders," said Wayne Boyd, chairman of Telecom Corporation.

"The board is satisfied that the transaction fairly represents the underlying value of the Yellow Pages business."

Telecom Corporation is one of New Zealand's largest businesses, employing more than 8,500 staff across Australasia.

New Zealand jobs event for city
24 Mar 07 |  Edinburgh and East
NZ airline announces new job cuts
24 Feb 06 |  Business

The BBC is not responsible for the content of external internet sites

Has China's housing bubble burst?
How the world's oldest clove tree defied an empire
Why Royal Ballet principal Sergei Polunin quit


Americas Africa Europe Middle East South Asia Asia Pacific