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1st August
2000
London/Turin –1st August, 2000 –
SEAT Pagine Gialle ("SEAT PG"), the leading European
publisher of telephone directories and, through its forthcoming
merger with Tin.it, one of the leading Internet service providers,
today announced that it has agreed to acquire TDL Infomedia
Ltd. ("the Company"), publisher of the Thomson Local
directories in the UK, from funds advised by Apax Partners
& Co., Advent International, 3i Group and members of the
Thomson Directories management team for an equity value of
£308 million and the assumption of debt. The transaction
is due to be effected by means of a share exchange and will
be completed by the end of the year.
TDL Infomedia Ltd. through Thomson Directories, is the second
largest publisher of directories in the UK with a 16% market
share. Currently, Thomson Directories distributes 170 editions
of the "Thomson Local" to more than 22 million
homes and businesses in the UK. In addition, the Company
has a significant
interest in TDL Belgium, the second largest publisher of
directories in Belgium.
The Company’s business database is one of the most
extensive in the UK and consists of 2.3 million business
listings. In
addition, to verifying data received from British Telecom,
Thomson Directories complements its database with its own
data gathering process. Through this process, the Company
gains legal rights and ownership to its database.
In the past two years the Company increased its revenues
from £ 80.8 million in 1997 to £ 93.4 million in 1999,
while EBITDA nearly doubled from £13.4 million to £ 22.5
million.
"Thomson’s acquisition" – commented
Mr. Lorenzo Pellicioli, the CEO of SEAT PG – "provides
a strong entry platform in terms of market presence and cash
generation in both the UK and the Belgian markets and will
reinforce SEAT PG’s commitment to a pan-European strategy.
In addition, SEAT PG will have the opportunity to rely on
the skills and the know-how of the Thomson’s management,
who will remain with the Company and will keep on running
the business".
"With the backing of SEAT PG" – commented
Mr. Gary List, the CEO of TDL Infomedia – "the
Company is well positioned to further leverage its strong
name and product recognition and intends to continue its strategy
to deliver quality information products using a comprehensive
database of business listings throughout the UK". Through
both its Internet site, ThomWeb, and a host of other Internet
services, Thomson Directories also enables users to access
and search Thomson Local listings and explore the various
information products offered.
For SEAT PG the transaction marks the latest in a series
of transactions to develop its pan-European presence. Earlier
this year it announced the increase up to 85% of its stake
in Euredit– the French company running the Europages
(European business to business yellow pages ) and in the process
to launch the business to business European portal Euronline.com
– together with the acquisition of Telegate, the fastest
growing European company in the directory assistance and
voice
portal business. Yesterday SEAT PG announced the acquisition
of Consodata, the French leading marketing information group.
For the purpose of this acquisition Consodata has been evaluated
at euro 633 million.
Lehman Brothers acted as the financial advisor to SEAT PG in
the transaction. For further information
please contact our Press office.
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