Telstra completes $454 million sale of Sensis

Telstra sold a 70 per cent stake in Sensis to Platinum Equity

Telstra has completed the $454 million sale of a 70 per cent stake in Sensis to Platinum Equity.

This followed the recent confirmation by the Foreign Investment Review Board that it had no objections to the sale.

Telstra first announced the deal on January 13.

The sale excludes the voice services business, which is retained by Telstra.

In addition there are economic benefits to Telstra from the services it will continue to provide to Sensis.

Telstra expects to book an accounting loss on Sensis of approximately $150 million, of which $100 million was booked in the December 2013 half year results.

The balance of the loss which remains subject to completion adjustments will be accounted for in the second half of FY14.

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