Private equity firms sell out of Yell

Private equity firms Apax Partners and Hicks, Muse, Tate & Furst have sold their entire stake in British phone directory publisher Yell for £720m (€1032m).

Investment banks Goldman Sachs and Merrill Lynch, sold the firms' stake - which was just over a third of Yell's share capital - for 303p (€4.34) per share, representing a discount of 1.5% to the previous day's close.