VANCOUVER, BC, Aug. 15, 2024 /CNW/ – TELUS Corporation (“TELUS”) today announced that it has acquired, through a wholly owned subsidiary, an aggregate of 2,593,178 subordinate voting shares (the “Purchased Shares”) in the capital of TELUS International (Cda) Inc. (“TELUS Digital”) by way of market purchases over the facilities of the Toronto Stock Exchange. The acquired subordinate voting shares (the “Purchased Shares”) represent more than 2% of the outstanding subordinate voting shares acquired since TELUS’ prior early warning report filed on May 16, 2023.
“In response to TELUS Digital’s unprecedented valuation levels, we are strategically stepping in to support the share trading activity by incrementally increasing our existing ownership of the subordinate voting shares in the public market,” said Darren Entwistle, President and CEO of TELUS. “These purchases signal our continued confidence in TELUS Digital’s longer-term profitable growth opportunities as a stand-alone public issuer and are not part of a strategy to privatize the business. As an anchor client, and as a significant shareholder, we are confident TELUS Digital can create meaningful and sustainable value for all stakeholders over time.”
The Purchased Shares represent approximately 2.3% of the outstanding subordinate voting shares of TELUS Digital and approximately 0.9% of all outstanding shares. The Purchased Shares were acquired at an average purchase price of C$4.25.
The purchase of the Purchased Shares is being made pursuant to the normal course purchase exemption set forth in section 4.1 of National Instrument 62-104.
Before giving effect to the purchase in August, TELUS held an aggregate of 152,004,019 multiple voting shares of TELUS Digital and 1,438,013 subordinate voting shares. These securities represented approximately 92.5% of the outstanding multiple voting shares and 86.7% of the outstanding voting rights attached to all shares of TELUS Digital and approximately 55.8% of the total shares outstanding, reflecting the conversion by Riel B.V. of multiple voting shares into subordinate voting shares. After giving effect to the market purchases, TELUS holds an aggregate of 152,004,019 multiple voting shares and 4,031,191 subordinate voting shares. The shares held by TELUS now represent approximately 92.5% of the outstanding multiple voting shares, 3.6% of the outstanding subordinate voting shares, 56.8% of the outstanding shares of TELUS Digital and 86.9% of the outstanding voting rights of TELUS Digital. The multiple voting shares of TELUS Digital may be converted into subordinate voting shares on a one-for-one basis at any time.
TELUS purchased the Purchased Shares for investment purposes and may or may not purchase or sell multiple voting shares, subordinate voting shares or other securities of TELUS Digital in the future on the open market or in private transactions, depending on market conditions and other factors. TELUS currently has no other plans or intentions that relate to its investment in TELUS Digital. Depending on market conditions, general economic and industry conditions, TELUS Digital’s business and financial condition and/or other relevant factors, TELUS may at any time develop other plans or intentions in the future relating to one or more of the above items. A copy of the early warning report to be filed by TELUS in connection with the acquisition will be available on TELUS Digital’s profile on SEDAR+ at sedarplus.ca. Alternatively, you may contact TELUS Investor Relations at 1-800-667-4871 in order to obtain a copy of the report.
The headquarters and principal executive offices of TELUS Digital are located at Floor 5, 510 West Georgia Street, Vancouver, British Columbia, Canada V6B 0M3.
About TELUS
TELUS (TSX: T, NYSE: TU) is a dynamic, world-leading communications technology company with more than $20 billion in annual revenue and over 19 million customer connections spanning wireless, data, IP, voice, television, entertainment, video, and security. Our social purpose is to leverage our global-leading technology and compassion to drive social change and enable remarkable human outcomes. Our longstanding commitment to putting our customers first fuels every aspect of our business, making us a distinct leader in customer service excellence and loyalty. The numerous, sustained accolades TELUS has earned over the years from independent, industry-leading network insight firms showcase the strength and speed of TELUS’ global-leading networks, reinforcing our commitment to provide Canadians with access to superior technology that connects us to the people, resources and information that make our lives better.
Operating in 32 countries around the world, TELUS Digital Experience (TSX and NYSE: TIXT) is a leading digital customer experience innovator that designs, builds, and delivers next-generation solutions, including AI and content moderation, for global and disruptive brands across strategic industry verticals, including tech and games, communications and media, eCommerce and fintech, banking, financial services and insurance, healthcare, and others.
TELUS Health is a global healthcare leader, which provides employee and family primary and preventive healthcare and wellbeing solutions. Our TELUS team, along with our 100,000 health professionals, are leveraging the combination of TELUS’ strong digital and data analytics capabilities with our unsurpassed client service to dramatically improve remedial, preventive and mental health outcomes covering over 75 million lives, and growing, around the world. As the largest provider of digital solutions and digital insights of its kind, TELUS Agriculture & Consumer Goods enables efficient and sustainable production from seed to store, helping improve the safety and quality of food and other goods in a way that is traceable to end consumers.
Driven by our determination and vision to connect all citizens for good, our deeply meaningful and enduring philosophy to give where we live has inspired TELUS and our team to contribute $1.7 billion, including 2.2 million days of service since 2000. This unprecedented generosity and unparalleled volunteerism have made TELUS the most giving company in the world. Together, let’s make the future friendly. For more information about TELUS, please visit telus.com, follow us at @TELUSNews on X and @Darren_Entwistle on Instagram.
Investor Relations
Robert Mitchell
(647) 837-1606
ir@telus.com
Ian McMillan
604-317-8768
ir@telus.com
Media Relations
Steve Beisswanger
(514) 865-2787
Steve.Beisswanger@telus.com
SOURCE TELUS Corporation
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