Yell the Best Buyer for TWP

Here is a snippet of what we have to say about the Yell acquisition of TransWestern Publishing in an Advisory that will be issued tomorrow to clients of The Kelsey Report: "…a private equity buyer might have found it difficult to increase [TransWestern’s] value through new efficiencies. Instead, it would have faced the prospect of making significant investments in systems, marketing and product development in order to maintain the business€™s competitiveness. Yellow Book, on the other hand, is in a position to take what TransWestern has and integrate it into its existing operations, which creates some immediate synergies."

What does the rest of the global YP community think of the deal? Did Yell pay too much, get a bargain? To what degree does this enhance Yellow Book’s position in the U.S. directory industry?