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This just in: Yell will acquire Spain’s Telefnica Publicidad e Informacin for US$3.9 billion. Here is a Bloomberg article with some details. We will cover this in more detail in an Advisory. This is a new direction for Yell, which had focused on its domestic market as well as its growth-engine U.S. property, Yellow Book. TPI is the dominant player in Spain and a key player in Latin America, giving Yell a presence on three continents.

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  1. The multiple is circa 15X EBITDA. The full value is 3.3 B euros, including assumption of debt. I am reviewing the materials now.

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