France Telecom announces the sale of its stake in PagesJaunes Groupe S.A. to private equity firm KKR
Paris, October 11, 2006
Following the exclusivity announced on July 24, 2006, and after consultation with the relevant works councils and the approval of the operation by the relevant competition authorities, France Telecom signed on October 11, 2006 a final agreement for the sale of its 54% stake in PagesJaunes Groupe to Médiannuaire, an affiliate of KKR (Kohlberg Kravis Roberts & Co Ltd).
This operation has been closed today for an amount of 3,312 billion euros for a 54% stake in PagesJaunes Groupe, i.e. a price per share of 22 euros. An additional cash consideration of 0.6 euro per share, resulting in a total additional cash consideration of 90 million euros for France Telecom, shall be paid by KKR in the event it holds more than 95% of the existing shares and voting rights of PagesJaunes Groupe upon completion of the standing market offer (“garantie de cours”) which shall be offered by KKR to the PagesJaunes Groupe shareholders.
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- Bertrand Deronchaine
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- France Telecom
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