A consortium including Teachers’ Private Capital and CCMP Capital is buying Telecom Corporation of New Zealand’s Yellow Pages Group for $1.86 billion.

The deal is expected to close by the end of April.

New Zealand’s Yellow Pages Group has annual revenue of $208 million and more than 600 employees.

It prints and distributes more than 6 million directories, 18 regional editions of Yellow Pages and White Pages, and 22 editions of local directories.

Teachers’ made its first foray into the directories business in 2002 when it, along with Kohlberg Kravis Roberts & Co., took control of Canada’s Yellow Pages Group. They fully monetized their investment in 2004.

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