Private equity firm Apax Partners will pay about $745 million for the Trader Corp. unit of media and marketing company Yellow Media Inc., Reuters said. The proceeds of the sale – set to close in June – will help Yellow Media pay down debt. Trader Corp. publishes about 160 publications and 22 websites on automotive, real estate, general merchandise and employment, Reuters said.
(Reuters) – Media and marketing company Yellow Media Inc said it will sell its unit Trader Corp to funds advised by private equity firm Apax Partners for about $745 million in cash.
The proceeds from the sale will be mainly used to pay off debt, the company said.
The deal is expected to close in June.
Trader Corp, formed in June 2006 with the integration of Classified Media (Canada) Holdings Inc and Trader Media Corp, publishes about 160 publications and 22 websites on automotive, real estate, general merchandise and employment.
TD Securities Inc and Morgan Stanley acted as financial advisers to Yellow Media. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Unnikrishnan Nair)
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