Yellow Pages Limited sells RedFlagDeals.com
Yellow Pages Limited sells RedFlagDeals.com |
[21-August-2018] |
MONTREAL, Aug. 21, 2018 /CNW Telbec/ - Yellow Pages Limited (TSX: Y) (the "Company") announced today that its wholly owned subsidiary Yellow Pages Digital & Media Solutions Limited has entered into an agreement to sell the assets related to the operation of its RedFlagDeals division to VerticalScope Inc. for a value of $12 million payable in two $6 million tranches, the first on closing the second upon meeting certain conditions. Closing of the transaction should occur on or about August 22, 2018. "The sale of the RedFlagDeals division frees up more resources to devote to creating value and securing our core business. Under the terms of our 10.00% Senior Secured Notes, the net cash proceeds will be included in the next scheduled note redemption payment, on November 30, 2018," said David A. Eckert, President and Chief Executive Officer. About Yellow Pages Limited
SOURCE Yellow Pages Limited | ||
Company Codes: Toronto:Y |
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