Yell plans £1.5bn summer float

NEWS Yell is reportedly planning a £1.5bn flotation this summer. While the company and its backers refused to confirm the rumours, financial news service Bloomberg this morning claimed it could IPO as early as June to "take advantage of investor demand for companies with stable earnings". Hicks Muse Tate and Furst and Apax Partners, along with Yell's management, bought the company from BT Group for £2.1bn in June 2001. According to Bloomberg, Yell now may be worth about £3bn, including debt, after agreeing in January to buy the directory business of McLeodUSA for $600m.