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News | 08/17/2006 4:00 am EDT

Yellow Pages to acquire MTS directories
MTS Allstream has announced that it has reached an agreement to sell its telephone directories business to Yellow Pages Group Co. for $281 million, of which $275 million will be paid in cash. "This transaction is a clear sign of our commitment to create and deliver long-term value for our shareholders," MTS Allstream, president and CEO Pierre Blouin said in a news release. "Our directory business is performing strongly, but as a publishing enterprise it is outside the scope of our core telecommunications franchise." The transaction has been approved by MTS Allstream’s board of directors and is expected to close in the fourth quarter of 2006.Under terms of the agreement, all employees of MTS’s directories business will be offered employment by Yellow Pages.

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