Yellow Media, Canada’s largest Internet company, this morning announced that it has divested its online classifieds business LesPAC.com.
Its assets were acquired by e-commerce solutions company Mediagrif for $72.5 million in cash.
Yellow Media, which owns and operates publications like YellowPages.ca and Canada411.ca, argues that the move allows the company to fully concentrate on serving Canadian businesses rather than supporting consumer-to-consumer platforms. LesPAC.com was originally launched in 1996.
Mediative, Yellow Media’s digital marketing division, will continue to market and sell display advertisements on LesPAC.com on an exclusive basis.
Proceeds from the divestiture of LesPAC.com will be used to reduce debt and to reinvest in Yellow Media’s core business, the company adds.
Related: Yellow Media Sells Vertical Media Publishing Subsidiary For $745 Million In Cash