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The Kelsey Report® Advisory

Telenor Media, KPN, Others on Spin-Off Hit List
Charles Laughlin , 9/10/2001

Issue: Yellow Pages Shed as Telecoms Seek to Diminish Debts

News: Norway's leading telecommunications company, Telenor, is shopping its Yellow Pages publishing group, Telenor Media, to potential cash buyers. Telenor Media's suitors include Eniro AB (Sweden's leading directory publisher) and U.S. private equity firm Texas Pacific Group. The sale price is expected to top $700 million, which would be just under four times 2000 revenue, or about 17 times EBITDA.

Telenor is selling its Yellow Pages group not as a desperation move but to raise cash to bring its debt load down to manageable levels. Other debt-burdened telecoms could make similar moves in the near term. One such example is the Dutch telecom KPN NV, which is heavily burdened with debt and may sell off multiple assets, including its Yellow Pages division.

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