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Maybe it's just a coincidence.....
Dex Media, Inc.
In August 2002 Carlyle and Welsh, Carson, Anderson & Stowe agreed to purchase Qwest Communications’ yellow pages unit, QwestDex, for $7.05 billion, the third largest corporate buyout in U.S. history and the largest since 1989.
QwestDex was renamed Dex Media, Inc. Dex Media is the exclusive publisher of white and yellow page directories in the 14 states where Qwest Communications provides local service, and will continue to do so under a 50-year agreement.
The transaction was structured to be completed in two stages. In November 2002 the first stage, involving the sale of QwestDex operations in Colorado, Iowa, Minnesota, Nebraska, New Mexico, North Dakota and South Dakota (Dex Media East), closed at a sale price of $2.75 billion. The second phase (Dex Media West), which included operations in Arizona, Idaho, Montana, Oregon, Utah, Washington and Wyoming, was for $4.30 billion and closed in 2003.
James Attwood, Carlyle Managing Director said, “Dex Media is a leader in its industry. Our investors will benefit from the stable, predictable cash flows of the directories business without assuming the risks that characterize many other telecom-related investments today.”
Carlyle High Yield Partners assisted Carlyle Partners III and Welsh, Carson, Anderson & Stowe in evaluating, structuring and obtaining $6 billion of debt commitment to finance the acquisition of Dex Media, Inc. Carlyle High Yield Partners' expertise in managing a diversified portfolio of below investment grade loans and bonds provides The Carlyle Group with a competitive advantage in evaluating and accessing the debt markets.
Michael Zupon, Carlyle Managing Director, said "With Welsh, Carson, Anderson & Stowe, we provided Qwest Communications with a fully financed proposal to acquire QwestDex in a very difficult market environment. Our ability to provide the capital necessary to consummate a very large acquisition enabled Qwest Communications to achieve its objective."
In July 2004, Dex underwent an IPO and began trading on the NYSE.
In January 2006, R. H. Donnelley Corporation (NYSE: RHD) acquired Dex Media, creating the nation's third largest yellow pages publisher. Carlyle maintains an ownership stake in R. H. Donnelley.
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