Bono's firm gets Yelp for €100m
Published 07/02/2010 | 05:00
ELEVATION Partners, the private equity firm backed by U2 frontman Bono, is buying a near €100m stake in US online media firm Yelp.
It is thought that Google had been in talks to buy Yelp for close to €360m last year. Elevation will initially buy up to €25m worth of pref shares in the company, before spending about €75m to buy shares from Yelp employees.
Yelp specialises in providing local search information, such as restaurant, shop or hotel recommendations.
Elevation, which is raising a second €1bn fund to invest in technology companies, has had mixed fortunes with its other deals. It scored a spectacular success when it flipped video game company Bioware after just two years but has taken a bath on investments in an online property portal.