KKR AND TEACHERS' MERCHANT BANK CLOSE ACQUISITION
OF BELL CANADA'S DIRECTORIES BUSINESS
Leading Yellow Pages™ and White Pages
Publisher in Canada Renamed Yellow Pages Group
Co.
NEW YORK and TORONTO, November 29,
2002 - Kohlberg Kravis Roberts &
Co. ("KKR") and Teachers' Merchant
Bank, the private equity arm of the $68-billion
Ontario Teachers' Pension Plan, announced today
that they have closed the acquisition from BCE
Inc. of the telephone directories business of
Bell Canada for $3.0 billion. Renamed Yellow
Pages Group Co., the company is Canada's largest
publisher of directories and related Internet
directory assets, including YellowPages.ca and
Canada411.com.
Pursuant to the terms of the transaction, KKR,
Teachers' Merchant Bank and Bell Canada own
approximately 60%, 30% and 10%, respectively.
The Yellow Pages Group Co. management team has
also purchased an ownership interest in the
new company.
Marc Tellier, President and Chief Executive
Officer of Yellow Pages Group Co. said, "As
an independent company with strong financial
partners in KKR and Teachers', we are very well-positioned
for the future. Our management team is excited
by this transaction and the opportunity to be
owners in the new business. We will continue
to deliver the best value to our users and customers
across the Canadian marketplace, pursue opportunities
for expansion, and maintain our close working
partnership with Bell Canada as both an operating
partner and investor. "
About Yellow Pages Group Co.
Yellow Pages Group Co. is the Canadian market
leader in print and web-based directories. The
Company publishes 209 directories with a total
circulation of approximately 17 million. It
markets and distributes telephone directories
to more than half the population of Canada,
primarily in Ontario and Quebec, serves a clientele
of over 250,000 advertisers across Canada and
manages a customer database of more than 2.5
million listings available in print and on the
Internet at popular Web addresses, including
www.yellowpages.ca. The Company owns exclusive
rights to the Yellow Pages™ brand name
in Canada and will continue to be the official
directory publisher for Bell Canada.
About KKR
KKR is a private investment firm headquartered
in New York; Menlo Park, California; and London,
England. For more information, please visit
www.kkr.com.
About Teachers' Merchant Bank
With a portfolio of over $4 billion, Teachers'
Merchant Bank is one of Canada's largest private
investors. Teachers' Merchant Bank is presently
working with more than 100 companies around
the world to create value by providing long-term
flexible capital.
About Bell Canada
Bell Canada, Canada's national leader for communications
in the Internet world, provides connectivity
to residential and business customers through
wired and wireless voice and data communications,
high speed and wireless Internet access, IP-broadband
services, e-business solutions, and local and
long distance phone services. Bell Canada is
owned by BCE Inc.
# # #
Contacts:
For KKR:
Josh Pekarsky/Ruth Pachman
Kekst and Company
(212) 521-4800
For Ontario Teachers Pension Plan:
Lee Fullerton
Ontario Teachers' Pension Plan
(416) 730-5347
www.otpp.com
For Yellow Pages Group:
Daniel C. Hansen
Communications
(514) 934-6509
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