PRINT THIS PAGE Carlyle and Welsh, Carson prepare to float Dex Media in $1.5bn IPO17/05/2004. Source: AltAssets. 
 US private equity houses Carlyle and Welsh, Carson, Anderson & Stowe are preparing to exit some of their investment in US Dex Media with an initial public offering expected to raise up to $1.5bn. The two firms acquired the directories business from Qwest Communications in 2002 for $7.1bn, in what was the largest US buy-out since 1989.
The announcement comes as an increasing number of private equity firms seek to take advantage of the recent jump in valuations to exit their investments early. The Dex filing is the seventh private-equity backed IPO worth in excess of $700m to be planned so far this year, according to a report by the Financial Times.
Cash rich directories businesses have proved highly profitable for private equity firms in the past, most notably for Hicks, Muse, Tate & Furst and Apax who doubled their money on UK Yell.
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