PRINT THIS PAGE Cinven and Apax to pay E2bn for Dutch directories business 24/09/2004. Source: AltAssets. 
 Cinven and Apax Partners are to buy the telephone directories business of Dutch publisher VNU for E2bn. The consortium beat rival offers from Permira and CVC, Carlyle, Blackstone and BC Partners.
Directories businesses have proved a highly attractive source of deal flow for private equity firms in recent years. 3i was one of the first firms to recognise their value, generating a return of £100m on its investment in Thomson's directories in 1997.
Apax and Hicks, Muse, Tate & Furst acquired BT's Yell in 2001 for around £2bn, and Carlyle and Welsh, Carson, Anderson & Stowe paid $7bn for Qwest Communications in 2002. Other major directories deals include Bain's acquisition of Verizon's Canadian directories business earlier this month and the sale of Italia Telecom's Seat Pagine Gialle last year.
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