A consortium of BC Partners, CVC, Permira and Investitori Associati has agreed the purchase of Seat Pagine Gialle, Italy's yellow pages, from Telecom Italia in a deal valuing the company at €5.7bn ($6.6bn) in Europe's largest ever buy-out.

The consortium has agreed to buy Telecom Italia's 61.5% stake in the company for €3bn and will take on Seat Pagine Gialle's net debt of €700m. It will launch a public tender offer for the remaining shares at the same price per share and anticipates public shareholders accepting it. This would bring the total purchase price up to €5.7bn.