SingTel sells Yellow Pages

CVC Asia Pacific and JP Morgan Partners Asia buy the telephone directory business from Singapore Telecom.

Singapore Telecommunications SingTel has agreed the sale of its Yellow Pages business to a consortium of private equity buyers for S$220 million $127 million. The buyers are a consortium consisting of CVC Asia Pacific and JPMorgan Partners Asia, who both hold 50%. The sale comes at a time when telecom companies around the world are selling their directories businesses to raise cash. These businesses have high margins, low competition and steady, predictable cash flows, making them ideally suited to financial buyers.

This asset disposal process started in September 2002 when SingTel retained Morgan Stanley to advise it on the sale. Initially, 10 preliminary bids were received of which four...

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