Local Insight Regatta Holdings, Inc. Completes Acquisition of Windstream Yellow Pages, Inc.
Posted on: Friday, 30 November 2007, 18:00 CST
HUDSON, Ohio, Nov. 30 /PRNewswire/ -- Local Insight Regatta Holdings, Inc. today announced that it has closed the acquisition of Windstream Yellow Pages, Inc., the seventh largest yellow pages directories publisher in the United States. This transaction marks the completion of the previously announced split-off by Windstream Corporation of its directory publishing business, Windstream Yellow Pages, in a tax-free transaction to certain affiliates of Welsh, Carson, Anderson & Stowe. With the closing of this transaction, Windstream Yellow Pages has been renamed Local Insight Yellow Pages, Inc.
In connection with this transaction, Local Insight Yellow Pages has entered into a 50-year publishing agreement to serve as the exclusive, "official" publisher of print and online directories for Windstream Corporation, which is the fifth largest telephone company in the United States. Under this agreement, Local Insight Yellow Pages will publish print directories under the Windstream brand and offer online search services at http://www.windstreamyellowpages.com/.
Local Insight Yellow Pages is a leading publisher of print and online directories in rural and certain suburban markets in 35 states located primarily in the eastern, midwestern and southern United States. The company also publishes print directories for more than 80 other incumbent local exchange carriers. The company's Internet yellow pages directory, http://www.windstreamyellowpages.com/, provides users with online access to their local directories and offers advertisers the opportunity to extend the reach of their print advertisements.
Under a consulting agreement, Local Insight Media, L.P., the Englewood, Colorado-based directory and local search company, will provide significant strategic, operational and other support to Local Insight Yellow Pages. This strategic relationship is expected to help Local Insight Yellow Pages achieve improved operating and financial results, as well as generate increasing revenues from WindstreamYellowPages.com and other digital initiatives.
"I look forward to working with the Windstream Yellow Pages team to drive value and performance, building on our usage leadership and favorable market profile," said Marilyn B. Neal, chairman, president and chief executive officer of Local Insight Yellow Pages. "We are launching our new operations with momentum, the result of a productive transition planning period and integration of new leadership. In 2008, we expect to drive topline growth through print directory enhancements, Internet solutions and new sales effectiveness programs. We also have a significant opportunity to improve profitability across the company by achieving synergies throughout the platform."
Wachovia Securities and Lehman Brothers Inc. acted as financial advisors to Local Insight Regatta Holdings in the transaction.
About Local Insight Yellow Pages
Local Insight Yellow Pages, Inc., the seventh largest yellow pages publisher in the United States, is a leading publisher of print and online directories in rural and certain suburban markets in 35 states located primarily in the Eastern, Midwestern and Southern United States. Local Insight Yellow Pages is the exclusive, "official" publisher of print and online directories for Windstream Corporation, the fifth largest telephone company in the United States. Local Insight Yellow Pages also publishes print directories for over 80 other incumbent local exchange carriers and one competitive local exchange carrier. The company's internet yellow pages directory, http://www.windstreamyellowpages.com/, provides users with online access to their local directories and offers advertisers the opportunity to extend the reach of their print advertisements. For more information, please see http://www.windstreamyellowpages.com/.
Local Insight Yellow Pages is a portfolio company of Welsh, Carson, Anderson & Stowe ("WCAS"), which is one of the largest and most successful private equity investment firms in the United States. Since its founding in 1979, WCAS has organized 14 limited partnerships with total capital of over $16 billion.
Local Insight Regatta Holdings, Inc.
CONTACT: Pat Nichols, +1-303-867-1651, or John Fischer, +1-303-867-1608,both for Local Insight Regatta Holdings, Inc.
Source: PRNewswire
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