Unitas and OTPP wave good-bye to stake in Yellow Pages
LESS THAN FOUR YEARS AFTER UNITAS Capital and the Ontario Teachers Pension Plan (OTPP) completed New Zealand’s largest leveraged buyout – paying a whopping NZ$2.1 billion ($1.57 billion) for the country’s Yellow Pages franchise – the private equity funds’ stakes in the company have been rendered entirely void, and Yellow Pages’ army of lenders have taken over the asset to restructure and revitalize the debt-ridden outfit.
The drastic move comes after New Zealand Yellow Pages’ Board last week voted to restructure the company’s debt and its management. Specifically, Yellow Pages’ obligations have shifted from owing...
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