SYDNEY Jan 13 Australia's biggest phone company
Telstra Corporation Ltd has agreed to sell 70 percent
of its directories business Sensis to a U.S. private equity firm
for at a much lower price than what local media had expected.
Telstra said on Monday that it has agreed to sell the stake
to Platinum Equity, a U.S.-based private equity firm, for A$454
million ($407.17 million). Local media had reported over the
weekend that Telstra was looking to sell the business for as
much as A$3 billion ($2.7 bln).
Sensis publishes a range of print and online directories
including the White Pages and the Yellow Pages.
The sale does not include the voice services business, but
includes economic benefits to Telstra from services it will
continue to provide to Sensis, Telstra said in a statement.
Telstra will retain a 30 percent shareholding with Sensis
now valued at A$649million, it added.
($1 = 1.1150 Australian dollars)
(Reporting by Maggie Lu Yueyang; Editing by Bernard Orr)