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- Release Date: 28/02/14 18:43
- Summary: ASSET: TLS: Telstra completes sale of majority stake in Sensis
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TLS
28/02/2014 16:43
ASSET
REL: 1643 HRS Telstra Corporation Limited
ASSET: TLS: Telstra completes sale of majority stake in Sensis
Telstra completes sale of majority stake in Sensis
Friday 28 February 2014 - Telstra today announced it had completed the sale
of a 70 per cent stake in Sensis to Platinum Equity and received proceeds of
A$454 million.
This followed recent confirmation by the Foreign Investment Review Board that
it had no objections to the sale.
As outlined when Telstra first announced the proposed deal on 13 January
2014:
o The sale excludes the voice services business which is retained by Telstra.
In addition there are economic benefits to Telstra from services it will
continue to provide to Sensis.
o The sale proceeds of A$454million are incremental to Telstra's FY14 free
cashflow guidance of A$4.6billion to A$5.1billion.
o Telstra expects to book an accounting loss on Sensis of approximately A$150
million of which A$100million was booked in the December 2013 half year
results. The balance of the loss which remains subject to completion
adjustments will be accounted for in the second half of FY14.
Telstra will now consider the net proceeds from this transaction, consistent
with its capital management framework.
Read Telstra's original announcement of this deal by following the link.
ENDS
Media contact Telstra: Nicole McKechnie, +61 (0) 429 004617
Email: [email protected]
Ref number: 40/2014
End CA:00247685 For:TLS Type:ASSET Time:2014-02-28 16:43:22
