NEWS BT has confirmed the sale of its directories division, Yell, for £2.14bn. The buyers, as expected, are two venture capital firms, Hicks Muse, Tate & Furst and Apax Partners. However, the price is significantly lower than the £3bn BT originally hoped to raise from the sale. The sale marks a major step in BT's battle to deal with its £30bn mountain of debt, which has already seen the company sell interests in Spain and Japan, and launch a £5.9bn rights issue.
BT sells off Yell, finally
At last, BT has something to shout about, but not much...
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