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Yellow Pages Limited Acquires ComFree/DuProprio, a Leading Digital Real Estate Marketplace in Canada

Montreal (Quebec), June 16, 2015 — Yellow Pages Limited (“Yellow Pages” or the “Company”) announced today that it will acquire the ComFree/DuProprio Network (“CFDP”), a leader in connecting home sellers and buyers in Canada. The acquisition will close and take effect on July 1, 2015 and is not subject to any closing conditions. 

The acquisition of CFDP is aligned with the Company’s verticalization strategy, which is a core component of Yellow Pages’ Return to Growth Plan (the “Plan”). The Plan serves to promote digital revenue growth by providing a better level of service to the Company’s existing customers, while also attracting new audiences and merchants in underpenetrated verticals.

“We strive to accelerate Yellow Pages’ digital transformation by creating marketplaces that help Canadians discover what’s around them and transact within their local neighbourhoods,” said Julien Billot, President and Chief Executive Officer of Yellow Pages. “The acquisition of ComFree/DuProprio grows Yellow Pages into a leading digital real estate marketplace, extending our reach of Canadian home buyers and sellers and strongly positioning the Company to monetize consumer audiences within this sector.”

Real estate closely complements Yellow Pages’ mission of championing neighbourhood economies. The Company holds one of the country’s leading digital media networks and an extensive database of local business information. This uniquely positions Yellow Pages as a premier digital destination, helping Canadians choose the right neighbourhoods to live in and connecting homeowners with merchants best suited to address their everyday needs. 

The real estate vertical is evolving, and new digital environments are being formed to empower consumers and help them save money. Operating under the DuProprio and ComFree banners in Quebec and the rest of Canada, respectively, CFDP is leading real estate’s digital evolution by offering homeowners a proven, professional and cost effective service to market and sell their properties. CFDP is the fourth most visited network of real estate properties in Canada and Quebec’s #1 real estate site, holding a 17% share of the province’s listings market. Revenues at CFDP exceeded $40 million in 2014, having grown organically and profitably at a CAGR of 20% over the past three years.

“The acquisition of ComFree/DuProprio provides Yellow Pages with a strong presence in the real estate vertical, access to exclusive listings, and the platforms required to transact directly with Canadians,” continued Mr. Billot. “As demand for comprehensive and cost effective real estate services continues to grow, we will actively leverage our national reach and relationships to enrich ComFree/DuProprio’s value proposition, extend their offerings to home buyers and sellers Canada-wide and deliver sustainable digital revenue growth for our company.”

Yellow Pages will acquire CFDP from Square Victoria Digital Properties for a total purchase price consideration of $50 million. The acquisition will be fully funded with cash on hand, but will not impact the Company’s ability to repay its long-term debt. In 2015, Yellow Pages anticipates redeeming a total of $100 million of its 9.25%
Senior Secured Notes.

DNA Capital acted as exclusive financial advisor to the Company on the acquisition of CFDP.


About Yellow Pages Limited

Yellow Pages Limited (TSX: Y) is a Canadian digital media and marketing solutions company that supports local economies by helping neighbourhood businesses reach new customers and foster stronger relationships with existing clients through its various media and products. Yellow Pages holds some of Canada’s leading local online properties including™,™,,, dine.TO and YP NextHome. The Company also holds the YP, YP Shopwise, YP Dine, RedFlagDeals, Canada411, Bookenda and YP NextHome mobile applications and Yellow Pages™ print directories. Yellow Pages is also a leader in national digital advertising through Mediative, a division of Yellow Pages devoted to digital marketing and performance media services for national-scale agencies and customers.



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Amanda Di Gironimo
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Tel.: (514) 934-2680



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