Three years after Sullivan & Cromwell and Schulte, Roth & Zabel faced off from one another on Chrysler’s federal government-backed sale to Fiat, the two firms have landed lead roles on AT&T’s $950 million agreement to sell a majority stake in its Yellow Pages directory division to private equity firm Cerberus Capital Management.
AT&T announced Monday that a Cerberus affiliate would acquire the company’s AT&T Advertising Solutions and AT&T Interactive businesses. Bloomberg reports that AT&T will receive $750 million in cash and a $200 million promissory note as part of the deal, which will also allow AT&T to hold on to 47 percent of both units as it focuses on more lucrative operations such as its mobile phones business.
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