Reuters: Private Equity: AT&T to sell Yellow Pages stake to Cerberus

Reuters: Private Equity Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

AT&T to sell Yellow Pages stake to Cerberus Apr 9th 2012, 12:49 April 9 | Mon Apr 9, 2012 8:49am EDT April 9 (Reuters) - AT&T Inc said on Monday it would sell a 53 percent stake in its Yellow Pages business to private equity firm Cerberus Capital Management LP [CBS.UL}, which will pay AT&T $750 million in cash and take on $200 million in debt. AT&T had said in January that it would consider selling the dwindling business, which generated about $3.3 billion in revenue in 2011. After the deal the telephone directory business will honor existing union contracts, the company said. AT&T said it expects the deal to have a minimal effect on 2012 earnings and does not expect a material gain or loss. (Reporting By Sinead Carew; Editing by Gerald E. McCormick)

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