Israel: Zap (formerly Yellow Pages) to be auctioned

The internet company Zap, which owns websites such as Zap-Yellow Pages, Getting Married and the Doctors health and medicine portal, has announce an international public offering on the Tel Aviv Stock Exchange. Zap is trying for a public auction for maximum profits, though three offers have already been made. German based Axel Springer, Apax Partners and a joint venture from Sky Fund and FIMI Opportunity Fund are the major bidders.

Axel Springer has publicized its offer of $55.8 million, including Zaps debt of $22.8 million. Axel Springer may face trouble from the Israel Antitrust Authority due to it acquiring the Israeli bulletin board website Yad2 last year. Zap lost control in 2009 when it announced that it would be unable to pay its debt and control fell to investment institutions which now completely own the company.

The company was rebranded from Yellow Pages to Zap and discontinued printing the phone books which were the core business for 45 years.

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