New York-headquartered telecoms group Verizon Communications has bid $520 million (E593m) for the phone book and online directory unit of Canada’s Telus Corporation.
The US company’s Verizon Information Services division hopes to merge the intended acquisition with its own Canadian information businesses – Dominion Information Services and Les Annuaires de Quebec – creating a national directory spanning over 80% of Canada’s market and available in print, wireless and online form.
The enlarged directory unit would, Verizon estimates, garner revenues of $232m in 2001. Although the deal is not yet finalized and requires approval from Canadian regulators, the telecoms giant expects to conclude the purchase over the summer.
News source: Wall Street Journal