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NEW ZEALAND (March 26, 2007): CCMP Capital Asia (“CCMPA”) and Teachers’ Private Capital (“TPC”), the private investment arm of the Ontario Teachers’ Pension Plan, today announced their 50:50 joint acquisition of Telecom Corp. of New Zealand's (“TCNZ’s”) directories business.
CCMPA Partner Stephen King and TPC Senior Vice-President Jim Leech said: “NZ Yellow Pages is one of the best businesses of its kind in the world. We look forward to working with management and staff to consolidate and extend its market-leading position”.
Telecom Corp’s Chairman, Mr. Wayne Boyd, said: "We are pleased to have secured CCMP Capital Asia and Teachers' Private Capital as the new owners of Yellow Pages. We look forward to working closely with them and the company into the future”.
Scheduled for completion in April 2007, the transaction will be partially funded through the issuance of a New Zealand-listed capital note later this year. CCMPA and TPC will be working with TCNZ to provide a priority allocation to TCNZ shareholders.
CCMPA and TPC were advised by ABN AMRO New Zealand.
About CCMP Capital Asia
CCMP Capital Asia, Ltd. is one of the largest and most experienced buyout firms in Asia, with US$2.7 billion in capital commitments under management.
Since its launch in May 1999, CCMP Capital Asia has advised on investments in 24 companies with total transaction value of over US$11 billion. The commitments are spread across Asia in CCMP Capital Asia’s focus markets of Australia, New Zealand, Greater China, Japan, Korea and Singapore.
CCMP Capital Asia’s core strategy is to target control investments in market leading companies with strong cash generative business models, high barriers to entry and differentiating capabilities or products. In particular, the firm focuses on companies where it is able to utilize its operationally driven business model to create value and drive returns.
It is a leading investor in Australia and New Zealand having completed a number of notable transactions in the region including Independent Liquor, Godfreys, Waco International and Air International Thermal Systems.
CCMP Capital Asia is also an experienced Yellow Pages investor having jointly led the acquisition of Yellow Pages Singapore from Singapore Telecom in 2003.
Further information about CCMP Capital Asia can be found on their website.
About Teachers' Private Capital
Teachers' Private Capital is the private investment arm of the US$85 billion Ontario Teachers’ Pension Plan, an independent corporation responsible for investing the fund and administering the pensions of Ontario’s 264,000 active and retired teachers.
With more than US$12 billion in assets, Teachers’ Private Capital is one of North America’s largest private investors, providing capital for large and mid-cap companies, infrastructure assets as well as venture capital for developing industries.
It has completed a number of notable private investments, including Shoppers Drug Mart Corporation, Easton-Bell Sports, Samsonite Corp., National Bedding Co. (Serta), Doane Pet Care, the Canadian Yellow Pages Group, Maple Leaf Sports & Entertainment and Alliance Laundry Holdings.
Contact:
Deborah Allan
Director, Communications and Media Relations
Ontario Teachers' Pension Plan
(416) 730-5347
deborah_allan@otpp.com
CCMPA
Stuart Barton
Director, Gavin Anderson & Co.
Ontario Teachers' Pension Plan
+ 61 404 054 857
sbarton@gavinanderson.com.au |
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