Telstra plans Sensis float

The board of Telstra had told the federal government that it plans to sell its Sensis directories business in an initial public offer. Investment banks value Sensis at around $10 billion. Telstra wants to sell this division ahead of the sell down by the government of its 50.1 per cent stake in the telco. If Telstra does float Sensis, it may use some of the capital to directly buy back part of the government’s stake, a strategy proposed by many investment banks.