MONTREAL, Aug. 21, 2018 /CNW Telbec/ - Yellow Pages Limited (TSX: Y) (the "Company") announced today that its wholly owned subsidiary Yellow Pages Digital & Media Solutions Limited has entered into an agreement to sell the assets related to the operation of its RedFlagDeals division to VerticalScope Inc. for a value of $12 million payable in two $6 million tranches, the first on closing the second upon meeting certain conditions. Closing of the transaction should occur on or about August 22, 2018.
"The sale of the RedFlagDeals division frees up more resources to devote to creating value and securing our core business. Under the terms of our 10.00% Senior Secured Notes, the net cash proceeds will be included in the next scheduled note redemption payment, on November 30, 2018," said David A. Eckert, President and Chief Executive Officer.
About Yellow Pages Limited
Yellow Pages Limited (TSX: Y) is a Canadian digital media and marketing company that creates local opportunities for buyers and sellers to interact and transact in the local economy. Yellow Pages holds some of Canada's leading local online properties including YP.ca, Canada411.ca, 411.ca and Bookenda.com. The Company also holds the YP, YP Shopwise, YP Dine, Canada411 and 411 mobile applications and Yellow Pages print directories. In addition, Yellow Pages is a leader in national advertising through its businesses devoted to servicing the marketing needs of large North American brands, including Mediative and JUICE. For more information visit www.corporate.yp.ca.
SOURCE Yellow Pages Limited
For further information: Investor Relations, Franco Sciannamblo, Senior Vice-President and Chief Financial Officer, [email protected]; Media, John Ireland, Senior Vice-President, Organizational Effectiveness, [email protected]