Yell It’s loud in the US

With the UK regulator making life unfriendly for Yell, the directories group has had little choice but to seek out growth elsewhere. The latest is its $1.6bn purchase of TransWestern from private equity. With this deal, its 26th in the US since 1999, the company’s centre of gravity has switched across the Atlantic. More than half of the group’s pro forma sales would have come from the US. Despite the large number of acquisitions, Yell still looks like it is paying reasonable prices. TransWestern...