Platinum Equity acquires 70% stake in Australia’s Sensis

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australian flagPrivate equity firm Platinum Equity has bought a 70 per cent interest in directories business Sensis from Telstra for A$454m ($410m).

The deal valued Sensis at 2.4 times its expected 2014 EBITDA after adjusting for the voice directories business, which was not included in the sale.

Telstra said that the fact that it has retained a 30 per cent stake Sensis “shows our belief it will continue to lead the market and deliver value to Telstra shareholders.”

Platinum chairman and CEO Tom Gores said, “We have had great collaboration with Telstra and we believe the partnership will provide Sensis a level of consistency that is good for the business as it transitions to a standalone enterprise.

“We will empower management’s focus on the core directories business while evaluating and pursuing prospective new strategic initiatives.”

Platinum’s recent deals include the sale fleet equipment provider NESCO to Energy Capital Partners after two years of ownership.

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