{"id":244,"date":"2003-06-12T00:00:00","date_gmt":"2003-06-12T00:00:00","guid":{"rendered":""},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T04:00:00","slug":"uk-banks-lead-pounds-2bn-directories-deal","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/06\/2003\/uk-banks-lead-pounds-2bn-directories-deal.html","title":{"rendered":"UK banks lead pounds 2bn directories deal"},"content":{"rendered":"<p>THE ITALIAN telecoms firm Telecom Italia yesterday agreed to sell its majority stake in its directories business for just over EUR3bn (pounds 2.1bn) to a consortium of four venture capital firms.<\/p>\n<p>  BC Partners, CVC Capital Partners, Permira and Investitori Associati are paying EUR3.03bn for Telecom Italia&#8217;s 61.5 per cent stake in the business, which publishes yellow pages and white pages in  Italy.<\/p>\n<p>  The venture capital firms are also taking on around EUR708m of debt, meaning Telecom Italia will, in total, be able to cut its own net debt by about EUR3.74bn after the deal goes through.<\/p>\n<p>  The deal, which values the whole directories business at about EUR5.65bn, remains subject to a number of conditions including regulatory clearance.<\/p>\n<p>  The move comes two years after the UK telecoms company BT sold its directories business Yell for pounds 2.1bn to a venture capital consortium comprising Apax and Hicks, Muse, Tate &amp; Furst.<\/p>\n<p>  Yell, which is still hoping to float on the stock market, was said to be interested in buying Telecom Italia&#8217;s directories business.<\/p>\n<p>  The sale of Yell was part of an asset disposal programme carried out by BT, alongside a pounds 6bn rescue cash call, designed to slash its then pounds 30bn debt pile.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>THE ITALIAN telecoms firm Telecom Italia yesterday agreed to sell its majority stake in its directories business for just over EUR3bn (pounds 2.1bn) to a consortium of four venture capital firms. BC Partners, CVC Capital Partners, Permira and Investitori Associati [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-244","post","type-post","status-publish","format-standard","hentry","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/244","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=244"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/244\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=244"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=244"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=244"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}