SYDNEY, Jan 13 (Reuters) - 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)