CANADA/NZ - The C$99bn (US$85bn) Ontario Teachers' Pension Plan has bought Telecom New Zealand's Yellow Pages Group for NZ$2.24m (US$1.6bn).
The telecom company reported that deal with the consortium of CCMP Capital and the private equity arm of the pension fund and Teachers’ Private Capital would be finalised by the end of April, subject to Overseas Investment Office approval.
Telecom chairman Wayne Boyd said: “This transaction represents a significant outcome for Telecom shareholders. The board is satisfied that the transaction fairly reflects the underlying value of the YPG business.”
TCP has previously invested in The Canadian Yellow Pages Group and Samsonite Corp,
Telecom was advised by Goldman Sachs JBWere.
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