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November 12, 2009

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Sources name bidders for phone book operation

Friday, Aug. 30, 2002 | 11:10 a.m.

KANSAS CITY, Mo. -- Thomas H. Lee Partners LP, Spectrum Equity Investors and R.H. Donnelley Corp. are the remaining bidders for Sprint Corp.'s telephone book business, people familiar with the situation said.

The companies have offered $1.75 billion to $2 billion for the business, and the winning bidder may be announced as early as next week, the people told Bloomberg News.

Shedding the operation is part of Chief Executive Officer William Esrey's plan to shore up Sprint's finances and avoid a credit-ratings cut to junk.

Investors say Sprint is unlikely to get $2 billion for the unit after Qwest Communications International Inc. agreed to sell its phone-book business earlier this month at a lower-than-expected price.

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