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The Kelsey Report® Advisory

How Will Qwest Sale Change the Yellow Pages?
Charles Laughlin , 4/22/2002

Issue: QwestDex Sale on the Verge, Bidders Abound

News: The on-again, off-again sale of QwestDex Yellow Pages appears to be imminent, as multiple financial news outlets have reported that discussions are well advanced with several potential suitors to buy all or parts of QwestDex for between $8 billion and $10 billion. Qwest is selling Dex to raise money to reduce its debt load, currently estimated at $24.9 billion. TKG estimates QwestDex's 2001 earnings before interest, taxes, depreciation and amortization (EBITDA) at around $990 million on revenues of $1.6 billion. The prices being floated in the press therefore represent multiples of between eight and 10 times EBITDA, in line with other recent directory transactions.

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