In the second-largest ever buy-out, US private equity firms The Carlyle Group, and Welsh, Carson, Anderson & Stowe have acquired Dex, the Qwest Communications' directories business, for $7.05bn (€7.24bn).

Carlyle and Welsh, Carson will split the equity investment equally, and have said they may bring co-investors in on the deal. JPMorgan, Bank of America, Deutsche Bank, Lehman Brothers and Wachovia Securities provided debt financing.