Australia's Seven Media to bid for NZealand's Yellow Pages - report |
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Published
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Mon, 15 Jan 2007 00:01
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SYDNEY (XFN-ASIA) - Australia's major media groups, led by Seven Media, will bid for Telecom New Zealand's 2 bln aud Yellow Pages business alongside their global private equity partners, The Australian newspaper reported, citing sources.It said that Seven Media and Kohlberg Kravis Roberts are keen to add the directories group to their portfolio.The partners have 4 bln aud to spend on media acquisitions after Seven Network Ltd sold 50 pct of its media assets into the new joint venture, Seven Media.The Australian said newspaper publisher John Fairfax Holdings Ltd and Telstra Corp Ltd are also understood to be interested in Telecom New Zealand's Yellow Pages.The business has a near monopoly in the market, with earnings before interest, tax, depreciation and amortization (EBITDA) margins of close to 60 pct.TNZ announced it would sell its Yellow Pages business last year following a scoping study conducted with assistance from investment bank Citigroup.TNZ has asked for expressions of interest by Feb 2 and aims to complete the sale by June 30.(1 usd = 1.27 aud)bruce.hextall@xfn.com
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