Cinven and Apax Partners, the private equity firms, have won the auction to buy the €2bn ($2.5bn) telephone directories business of VNU, the Dutch publishing firm, according to a senior source close to the process. Cinven and Apax declined to comment.

The victory breaks Cinven's year-long deal drought, although the firm bought a stake in Royal Vendex last month after it had lost out to KKR, a US rival.