Telstra Corporation Limited
(ASX:TLS) has confirmed it will sell its 70 per cent stake in directories business Sensis to Platinum Equity for $454 million.
The telco will retain its 30 per cent shareholding in Sensis which is valued at $649 million.
CEO David Thodey says the new partnership will maximise the value of Sensis for Telstra shareholders.
Telstra says it expects to book an accounting loss on Sensis of about $150 million, subject to completion timing and adjustments.
Approximately $100 million is expected to be included in the December 2013 half year results, with the balance accounted for on completion, which is expected in the second half.
Telstra delivered a full-year net profit of $3.86 billion in fiscal 2013.
