Apax Funds To Pay $762M For Yellow Media Unit

Law360, New York (March 25, 2011, 2:14 PM EDT) -- Yellow Media Inc. said Friday it has reached an agreement to sell its Trader Corp. unit to funds advised by Apax Partners for $762 million in cash as the Montreal-based Internet and listings company seeks to improve liquidity.

Proceeds from the sale will be used to reduce debt, Yellow Media said, adding that Standard & Poor’s and DBRS Ltd. confirmed its above-speculative grade credit ratings on company notes at the same time as the sale announcement.

Rating agencies had been warning investors about the company's risk...
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