Business Services Industry
British Telecom Stocks Rally Amid Hopes of Directories Sale.
Knight Ridder/Tribune Business News, April, 2001
By Brett Arends, Daily Mail, London Knight Ridder/Tribune Business News
Apr. 6--British Telecom's battered shares rallied 15 pence to 529 pence on hopes that it is poised to sell its directories business Yell - the artist formerly known as Yellow Pages - to private equity firms for up to UKpound 3 billion.
Venture capitalists Apax Partners and Hicks, Muse, Tate & Furst are believed to be leading a consortium to buy the business, which made UKpound 147 million operating profits on UKpound 542 million sales in the nine months to December.
Neither side would confirm the talks, but a source predicted a deal "within the next few months" if the consortium can raise the cash.
Apax will need to persuade its wealthy clients this would...
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