Cerberus Shells Out $950M For AT&T's Yellow Pages

Law360, New York (April 9, 2012, 2:02 PM EDT) -- New York private fund firm Cerberus Capital Management LP has acquired a majority stake in the yellow pages businesses of AT&T Inc. for $950 million, AT&T said Monday.

The communications giant said an affiliate of Cerberus agreed to acquire a 53 percent stake in AT&T Advertising Solutions and AT&T Interactive, which oversee the firm's yellow pages operations.

The transaction is expected to close over the summer. Upon closing, Cerberus will pay AT&T $750 million in cash and a $200 million note, Dallas-based AT&T said.

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