YP Corp., of Mesa, Ariz, a provider of nationwide Internet Yellow Pages, said it has acquired LiveDeal, an online local classifieds and Yellow Pages site for about $12 million.

The announcement is here.

Under the terms of the acquisition, LiveDeal shareholders received 15,968,514 shares of YP common stock.

YP said it will use LiveDeal to merge four principal marketing channels – directories, mobile services, classifieds and advertising/distribution networks into a local marketing tool for businesses and consumers.

We wrote about LiveDeal two years ago.

As we reported, LiveDeal.com raised at least $4.9M in funding from Canadian media company Torstar Corp., Draper Richards and individuals. Given the amount of competition out there, this is a relatively good outcome.