Apax Partners and Hicks, Muse, Tate & Furst exit yell investment – Brief Article
Less than three years after Apax Partners and Hicks, Muse, Tate & Furst Inc. bought U.K. publisher Yell Group and subsidiary Yellow Book USA, the private equity firms sold their remaining 34% stake in the company for 721.3 million [pounds sterling] ($1.3 billion) last week, Yellow Book USA president Joe Walsh told YP&DR.
Representatives of Apax and Hicks, Muse could not be reached for comment.
The companies, which sold the majority of their interest in Yell last year in an IPO on the London Stock Exchange, sold their remaining 238 million shares last week. Currently, 96% of Yell is publicly traded, with management holding a 4% share of the company.
Apax and Hicks, Muse bought Yell Group, including subsidiary Yellow Book USA, in May 2001 for 2.14 billion [pounds sterling] (US $3.03 billion) from British Telecommunications. The pair infused Yell with capital during their ownership, enabling the company to buy McLeodUSA Publishing in late 2001 for $600 million and National Directory Co. in late 2002 for $69 million.
COPYRIGHT 2004 RR Bowker
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