Last year, the two firms bought the directory business of British Telecommunications for $3 billion.

It has sold its directory business and wireless holdings to help reduce its huge debt.

This consortium had said publicly that it was interested in the Italian directory business.

But the same slow-and-steady nature that makes directory businesses expendable to phone companies can be attractive to investors who are seeking stable income streams with low risk.

Clayton, Dubilier & Rice, the leveraged-buyout firm, has agreed after the spinoff to pay $225 million for a 32.9 percent stake in the directory business.

Together, the companies own Cingular Wireless, the country's largest cellphone carrier, and they jointly own Yellowpages.com, an online directory business.

Sprint, after the sale of its directory business, is expected to be in a relatively stronger financial position.

The directory business previously operated by Ad Solutions has had several incarnations.

Google is expanding its local directory business using the same sort of disruptive tactics it has used in other areas: giving away something for which others charge.

The decline was magnified because in the third quarter of 2004, SBC sold a directory business that led to a hefty gain.