PNC did not disclose the price, but it said it would record a $50 million after-tax gain on the sale, which it expects to complete in the first quarter 2008. The buyer is employee-owned grocery store chain Houchens Industries Inc., which Forbes ranks as number 140 on its list of largest private companies.
In December 1998, PNC paid $275 million for J.J.B. Hilliard, W.L. Lyons Inc., which has 76 branch offices and 1,000 employees. — Matthew Wurtzel
Paulson's proposal to purchase an equity stake in Yellow Pages publisher Idearc is the second time in recent months an investor group has used its prepetition debt position to execute a bargain price 'exit LBO.'
