Yellow Pages Limited Signs Definitive Agreement to Divest ComFree/DuProprio Network
MONTREAL, July 2, 2018 /CNW Telbec/ - Yellow Pages Limited (TSX: Y) ("YP" or the "Company") today announced that its affiliate, Yellow Pages Digital & Media Solutions Limited, has reached a definitive agreement to sell ComFree/DuProprio Network ("CFDP") to Purplebricks Group PLC ("PB") for cash consideration of $51million on a cash free debt free basis, subject to a working capital adjustment. Closing of the contemplated transaction is expected to occur on or about July 6th, 2018, subject to customary conditions.
"As we continue to streamline and focus our operations, we believe the divestiture of CFDP is another very positive step for Yellow Pages and our stakeholders. Under the terms of our senior secured notes, the cash proceeds will be included in the next scheduled note redemption payment, on November 30, 2018" said the Company's Chief Executive Officer, David A. Eckert.
About Yellow Pages Limited
Yellow Pages Limited (TSX: Y) is a Canadian digital media and marketing company that creates opportunities for buyers and sellers to interact and transact in the local economy. Yellow Pages holds some of Canada's leading local online properties including YP.ca, RedFlagDeals.com, Canada411.ca, 411.ca, Bookenda.com, DuProprio.com, ComFree.com and NextHome. The Company also holds the YP, YP Shopwise, YP Dine, RedFlagDeals, Canada411, 411, Bookenda, DuProprio, ComFree and NextHome mobile applications and Yellow Pages print directories. In addition, Yellow Pages is a leader in national advertising through its businesses devoted to servicing the marketing needs of large North American brands, including Mediative and JUICE. For more information visit www.corporate.yp.ca.
Investors: Ken Taylor, Senior Vice President and Chief Financial Officer, email@example.com; Media: John Ireland, Senior Vice President of Organizational Effectiveness, Communications@yp.ca