Swisscom AG is buying out media group Tamedia AG's 31% stake in their directory services joint venture Swisscom Directories Ltd., in a transaction valued at about CHF 220 million.

The Swiss telecom operator, which owns 69% of the joint venture, is exercising a call option to purchase Tamedia's stake. It will become the sole owner of Swisscom Directories after the deal's completion, expected during the first quarter of 2019.

Swisscom Directories owns localsearch, which operates online directory platforms local.ch and search.ch. It also offers services such as professional website creation, online advertising and campaigns, online booking systems and customer management systems.