Yellow Media Sells Trader

On July 28, 2011, Yellow Media Inc. completed the sale of Trader Corporation (Trader) to funds advised by Apax Partners for a net purchase price consideration of approximately $708 million, net of expenses and estimated working capital, fees and other adjustments.

Trader was formed in June 2006 with the integration of Classified Media (Canada) Holdings Inc. (Trader Canada) and Trader Media Corporation (TMC). Trader publishes approximately 160 publications and 22 web sites covering four product verticals: automotive, real estate, general merchandise and employment. The real estate, employment and LesPAC.com businesses were excluded from the divestiture. These businesses will continue to be owned and managed by Yellow Media Inc.
Yellow Media Inc. is Canada's number one Internet company through its network of companies that include Yellow Pages Group and Canpages. Yellow Media Inc. owns and operates some of Canada's leading properties and publications. Yellow Media Inc. is also a leader in national digital advertising.

Apax Partners is one of the world's leading private equity investment groups. It operates across the United States, Europe and Asia and has more than 30 years of investing experience. Funds under the advice and management of Apax Partners globally total around $40 billion. These funds provide long-term equity financing to build and strengthen world-class companies.

Apax Partners was directed by executives Irina Hemmers, Marcelo Gigliani, James Tieng and Tripp Lane and by outside counsel led by Goodmans LLP, with a team including Lawrence Chernin, John Connon, former associate James Rickert and Geoff Cowper-Smith (corporate); Carrie Smit and Jarrett Freeman (tax); Celia Rhea, Victor Liu, Michael Bertrand and Dan Dedic (financing); Amalia Berg Trister (intellectual property); Joel Schachter (Investment Canada); Richard Annan (competition); Jana Steele (pensions) and Michelle Dobranowski (employment) and by Simpson Thacher & Bartlett LLP, with a legal team including Ryerson Symons, Daniel Layfield and Austin Hill (corporate); Ken Wallach, Brian Steinhardt, Ryan Bekkerus, Richard Kim and Louie Pastor (financing); Erik Hepler (collateral); Brian Robbins, Jamin Koslowe and Tyler Andersen (executive compensation and employee benefits); Mindy Lok (intellectual property) and Gary Mandel and Sean Austin (tax).

Yellow Media Inc. was represented in-house by a team led by François Ramsay, Marie-Josée Lapierre and Marie-Aude Gagnon Rousseau, and by outside counsel led by Stikeman Elliott LLP, with a team that included André Roy, John Leopold, Peter Castiel, Jean Lamothe, Claire Zikovsky, Isabelle Lamy, Maria Reda, Amy Chao, Laurence L'Abbé and Caryn Grass (corporate); Luc Bernier, Éric Lévesque (tax); Jonathan Auerbach (intellectual property); Shawn Neylan and Michael Kilby (competition); Hélène Bussières and Frédéric Henry (employment and labour) and Michel Legendre (benefits) and by Ropes & Gray LLP, with a legal team that included Newcomb Stillwell and Jane Goldstein (private equity transactions) and Byung Choi and Nathan Chaney (finance) in Boston; Howard Glazer (private equity transactions) in San Francisco; and Stefanie Birkmann (finance) and Bill Sussman (complex business litigation) in New York.