Yellow Pages to sell RedFlagDeals
Montreal-based Yellow Pages has entered into an agreement with VerticalScope of Toronto to sell its RedFlagDeals division for $12 million. The division operates a website at <http://www.redflagdeals.com> that aggregates online coupons and other discount offers for consumers. VerticalScope operates a number of online consumer information properties, including AutoGuide.com, Motorcycle.com, ATV.com and Tractor.com.
"The sale of the RedFlagDeals division frees up more resources to devote to creating value and securing our core business," said David Eckert, president and chief executive officer of Yellow Pages. "Under the terms, the net cash proceeds will be included in the next scheduled note redemption payment on Nov. 30, 2018."