AT&T Inc said on Monday that it would sell a 53 percent stake in its declining Yellow Pages business to private equity firm Cerberus Capital Management LP [CBS.UL} in a deal worth $950 million including debt, allowing AT&T to focus on its core telephone business.Once a cash cow for telephone companies, directories have become much less relevant in recent years as consumers turn to the Internet to find telephone numbers for businesses.AT&T Chief Executive Randall Stephenson had said in January that he would consider selling the dwindling business, which generated about $3.3 billion in revenue last year.Under the terms of the deal, AT&T will receive $750 million in cash, subject to adjustment, and Cerberus will take on $200 million in debt. AT&T will keep a 47 percent stake in the business, YP Holdings LLC.
AT&T Inc. (AT&T) is a holding company. AT&T is a provider of telecommunications services in the United States and worldwide. Shares of T fell by 1.11% or $-0.3448/share to $30.60. In the past year, the shares have traded as low as $27.29 and as high as $31.97. On average, 27417000 shares of T exchange hands on a given day and today's volume is recorded at 7021672.
Source
