SUMMARY: The recent announcement that TDC, the Danish telecom, is looking to unload TDC Directories, its Yellow Pages publishing unit, has brought attention to Sweden, Denmark, Norway and Finland. The truth is that these Nordic markets are important to the directories industry beyond their relatively modest size, given their wealth, high rates of technology adoption, high per capita directory spend and surprisingly strong levels of print directory usage.
The TDC sale, which could fetch upwards of US$800 million, presents an opportunity for regional players to step up and consolidate their position in the Nordic markets, where competition is increasingly the norm, both in print and in the fast-growing search and directories space. Among TDC Directories likely suitors are Eniro AB (Sweden), Findexa AS (Norway) and Fonecta (Finland). Eniro and Findexa are public companies, while Fonecta is owned by private equity investors. In the recently issued Global Yellow PagesTM 2005: The Kelsey Groups Outlook & Forecast, TKG estimates Nordic directory revenues totaled US$1.16 billion in 2004 and will grow to US$1.4 billion by 2009.