The private equity consortium that owns the majority share of Italian telephone directories business Seat Pagine Gialle has moved to calm speculation that it is to sell out when its lock-up period comes to an end in March.

Permira, CVC Capital Partners, BC Partners and Italian firm Investitori Associati issued a statement last night in a bid to diffuse rumours that a sale of their combined 50.14% stake in the business was imminent, as reported in Italian daily Il Sole/24 Ore earlier this week.