Another directory service business sold
ø
As expected, Telecom New Zealand sold its yellow page directory business to Canadian investors for USD $1.59 billion last week. The investors were a private equity consortium of CCMP Capital and Teachers’ Private Capital, the investment arm of the Ontario Teachers’ Pension Plan of Canada. As stated before, the tremendous need for cash has many telcos looks to sell off cash rich divisions. I continue to think that such a strategy in the long run is very short-sighted.
