AT&T to sell 53% of Yellow Pages unit to private equity firm Cerberus

Telecommunications giant AT&T (NYSE:T) Monday agreed to sell a 53 percent stake in its Yellow Pages unit to private-equity firm Cerberus Capital Management as it seeks to focus on wireless and cloud-based services.
Under the terms of the deal, AT&T will get about $750 million in cash, which is subject to adjustment mainly related to the timing of closing, and Cerberus will take on $200 million of debt.
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