Can Cerberus beat Telstra's blunder?

Presumably, Cerberus sees potential for the birth of new digital cash flows from the shell of AT&T’s traditional Yellow Pages revenues. But the takeover will still have many scratching their heads.

Given the history of private equity purchases of directories businesses, the deal announced overnight in the US which will see Cerberus Capital Management acquire a majority interest in AT&T’s Yellow Pages directories businesses for $US950 million will have more than a few people in the sector scratching their heads in bemusement.


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