Goldman Sachs and UBS appointed to evaluate potential sale of directory business

Yellow Brick Road (YBR), the directory business formed by 3i and VS&A Communications Partners III, LP, the fund affiliated with Veronis Suhler Stevenson, is being evaluated for a possible sale or float. Sources say a deal could be worth €2bn. Following the 10.3x earnings before interest, tax, deprecation and amortisation that Dutch publisher VNU achieved when it sold its directory business to a private equity consortium last year, the two investors hope to gain a multiple in excess of VNU's. Fonecta, Telefoongids, and Mediatel, leading telephone directories companies in their respective markets of Finland, the Netherlands and Central Europe (Austria, the Czech Republic and Slovakia), were merged in 2004 to create YBR, a pan-European directories group.

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