MONTREAL, July 2, 2018 /CNW Telbec/ - Yellow Pages
Limited (TSX: Y) ("YP" or the "Company") today announced that its
affiliate, Yellow Pages Digital & Media Solutions Limited,
has reached a definitive agreement to sell ComFree/DuProprio
Network ("CFDP") to Purplebricks Group PLC ("PB") for cash
consideration of $51million on a cash
free debt free basis, subject to a working capital adjustment.
Closing of the contemplated transaction is expected to occur on or
about July 6th, 2018,
subject to customary conditions.
"As we continue to streamline and focus our operations, we
believe the divestiture of CFDP is another very positive step for
Yellow Pages and our stakeholders. Under the terms of
our senior secured notes, the cash proceeds will be included
in the next scheduled note redemption payment, on November 30, 2018" said the Company's Chief
Executive Officer, David A.
Eckert.
About Yellow Pages Limited
Yellow Pages Limited (TSX: Y) is a Canadian digital media and
marketing company that creates opportunities for buyers and sellers
to interact and transact in the local economy. Yellow Pages holds
some of Canada's leading local
online properties including YP.ca, RedFlagDeals.com, Canada411.ca,
411.ca, Bookenda.com, DuProprio.com, ComFree.com and NextHome.
The Company also holds the YP, YP Shopwise, YP Dine, RedFlagDeals,
Canada411, 411, Bookenda, DuProprio, ComFree and
NextHome mobile applications and Yellow Pages print
directories. In addition, Yellow Pages is a leader in national
advertising through its businesses devoted to servicing the
marketing needs of large North American brands,
including Mediative and JUICE. For more information
visit www.corporate.yp.ca.
SOURCE Yellow Pages Limited