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Yell already provides the data for Google Local UK, a Google+Yell marketing push would certainly dominate the small business market in the UK.
And for the States (to put it into perspective), Yellow Book recently bought TransWestern Publishing for 1.56 Billion. TransWestern alone has 6,200 sales reps on the street.
If this current rumor is true, it will be the largest and most important transaction to date in this space and will immediately change the face of Google, the Yellow Pages, and Small business advertising. It will also be the spark that will trigger the significant growth that we are expectng to see in this market in the coming few years.