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The Kelsey Report® Advisory

TWP, YBR Deals Show Thirst for YP Deals Is Unquenched
Charles Laughlin , 5/19/2005

SUMMARY: Yell Group has emerged as the winning bidder for TransWestern Publishing (TWP), paying about 16 times earnings before interest, taxes, depreciation and amortization (EBITDA) for the privilege. The deal considerably extends the U.S. footprint of Yells Yellow Book division, adding presence in the West Coast, Southeast and Northwest that Yellow Book might otherwise have had to reach through new product launches. The acquisition also pushes Yellow Book further into the ranks of the top U.S. publishers by revenue, with combined revenues of about US$1.5 billion.

Also this week, a group of private equity buyers acquired Yellow Brick Road (YBR), the European directory holding company, paying 1.8 billion euros (US$2.28 billion), or more than four times the cash investment made by current private equity owners

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