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The largest Canadian IPO in three years was completed this fall when Yellow Pages Income Fund raised $750 million in an August 1 offering. It was also the largest-ever IPO for an income trust in Canada. The fund acquired a 30.6 percent indirect ownership stake in Yellow Pages Group Co. The offering came less than a year after Kohlberg Kravis Roberts & Co. and the Ontario Teachers’ Pension Plan bought the Yellow Pages Group from BCE Inc., for $2.27 billion. After the IPO, KKR now has 41.7 percent of the Yellow Pages Group, the Ontario pension fund holds 20.8 percent, and BCE (formerly Bell Canada) owns the remaining 6.9 percent. An income fund is a trust that holds ownership of cash flow-producing assets and distributes their revenue to unit holders. This structure has become increasingly popular in Canada in recent years because it allows a company with stable or slowly growing revenues to distribute its earnings in a tax-advantageous way. For underwriters CIBC World Markets Inc. (Toronto) and The Bank of Nova Scotia (Toronto) In-house (CIBC World Markets): Vice president and associate general counsel Robert Richardson. In-house (Bank of Nova Scotia): Executive vice president, general counsel, and secretary Deborah Alexander. Goodmans (Toronto): Corporate and securities: Neill May, Stephen Pincus, and associates Justin Beber, Steve Cohen, Erin Nicholas, and Richard Warren. Tax: Neil Harris, Mitchell Sherman, and associates Jon Northup and Sam Tyler. Intellectual property: counsel Amalia Trister. For Yellow Pages Income Fund and Yellow Pages Group Co. (Montreal) In-house: Vice president, general counsel, and secretary Francois Ramsay. Stikeman Elliott (Montreal): Securities and M&A: William Braithwaite, Jean-Marc Huot, Steeve Robitaille, Andr� Roy, and associates Robert Carelli, Pascal Hurtubise, and Nicolas Vanasse. Tax: Luc Bernier, Fr�d�ric Harvey, and associate Derek Chiasson. Banking: Jean Lamothe. (Braithwaite is in Toronto.) Torys (Toronto): M&A and corporate finance: Matthew Cockburn. Corporate: Philip Brown, James Scarlett, and associates Adam Armstrong, Paul Guthrie, and Suh Kim. Tax: Corrado Cardarelli and associate Ronald Nobrega. Banking: Edwin Nordholm and associate Janie Tremblay. Competition: Carolyn Naiman.

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