FT in exclusive talks with KKR over PagesJaunes stake

27 Jul 2006

France Télécom (FT) has confirmed that it is holding talks with the investment fund Kohlberg, Kravis Roberts & Co (KKR) concerning the sale of its 54% interest in yellow pages service PagesJaunes. The US-based group is understood to have offered EUR22 (USD27.90) per share for the stake, valuing the directory business at around EUR3.3 billion. If successful in its bid, KKR could launch a buyout offer for the remaining shares in PagesJaunes, based in Sevres, France. A full buyout would enable it to restructure the company behind closed doors before reselling it.

In a separate announcement FT says it has agreed to offload its satellite services unit France Telecom Mobile Satellite Communications to private-equity fund Apax Partner for EUR60 million (USD76.1 million).

France, Orange Group