The country’s largest local telephone company, Verizon Communications Inc., on Wednesday agreed to sell its directory business in Canada to Bain Capital for $1.54 billion.

Verizon, based in New York with regional offices in Pittsburgh, said the sale to Bain, a private investment firm in Boston, was subject to regulatory approvals but expected to conclude by the end of 2004.

The directory operations, SuperPages Canada, is that country’s second-largest directories publisher. The sale includes online directory operations, according to Verizon, which is also the United States’ third-largest provider of long-distance service.

SuperPages Canada, which is an affiliate of Verizon Information Services, had revenue in 2003 of $293 million. The company will continue using the SuperPages name after the sale to Bain.

«SuperPages Canada is a highly regarded, stable franchise with an outstanding history of service to its customers,» said Ian Loring, a managing director at Bain.

Bain has more than $26 billion in assets under management. The firm was founded in 1984 and says it has made investments or acquisitions involving some 225 companies worldwide.