TELUS Acquires Additional Shares of TELUS International

Rhea-AI Summary

TELUS Corporation (TU) has acquired an additional 92,419 subordinate voting shares of TELUS International, bringing its total shares acquired since June 2022 to 1,414,900, representing 2.12% of outstanding shares. The average purchase price was C$26.43. TELUS CEO Darren Entwistle emphasized the strategic importance of TELUS International and its growth potential, especially with the upcoming WillowTree acquisition. TELUS now holds approximately 74.78% of the multiple voting shares and 56.63% of the total shares of TELUS International.

Positive

• Acquisition of 1,414,900 shares indicates strong confidence in TELUS International's growth.
• Strategic synergies expected from TELUS Health and TELUS Agriculture & Consumer Goods.
• CEO's comments on strong profitable growth trajectory boost investor sentiment.

Negative

• None.

VANCOUVER, British Columbia, Dec. 16, 2022 (GLOBE NEWSWIRE) -- TELUS Corporation (“TELUS”) today announced that it has acquired, through an indirect, wholly owned subsidiary, an aggregate of 92,419 subordinate voting shares in the capital of TELUS International (Cda) Inc. (“TELUS International”) by way of market purchases over the facilities of the Toronto Stock Exchange and New York Stock Exchange. When added to the 1,322,481 subordinate voting shares acquired in early November 2022, the total of 1,414,900 subordinate voting shares (the “Purchased Shares”) represents more than 2% of the outstanding subordinate voting shares acquired since TELUS’ prior early warning report filed June 29, 2022.

“Our purchase of additional shares of TELUS International reflects its importance to TELUS, and our strong belief that this represents an attractive investment opportunity, particularly at current share price levels,” commented Darren Entwistle, President and CEO of TELUS. “The purchase of these shares is also reflective of the compelling prospects and robust profitable growth trajectory of the TELUS International organization, benefitting from the significant synergies across the TELUS business, particularly TELUS Health and TELUS Agriculture & Consumer Goods, which will be further enhanced with the WillowTree acquisition. Furthermore, these investments represent our high level of confidence in the TELUS International team and their ongoing execution excellence on their strategic growth objectives.”

The Purchased Shares represent approximately 2.12% of the outstanding subordinate voting shares of TELUS International and approximately 0.53% of all outstanding shares. The Purchased Shares were acquired at an average purchase price of C$26.43.

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 December, TELUS held an aggregate of 149,504,019 multiple voting shares of TELUS International and 1,322,481 subordinate voting shares, which were acquired through market purchases in November 2022. These securities represented approximately 74.78% of the outstanding multiple voting shares and 72.43% of the outstanding voting rights attached to all shares of TELUS International and approximately 56.59% of the total shares outstanding. After giving effect to the market purchase in December (as of December 15, 2022), TELUS holds an aggregate of 149,504,019 multiple voting shares and 1,414,900 subordinate voting shares. The shares held by TELUS now represent approximately 74.78% of the outstanding multiple voting shares, 2.12% of the outstanding subordinate voting shares, 56.63% of the outstanding shares of TELUS International and 72.44% of the outstanding voting rights of TELUS International. The multiple voting shares of TELUS International 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 International 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 International. Depending on market conditions, general economic and industry conditions, TELUS International’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 International’s profile on SEDAR at www.sedar.com. 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 International are located at Floor 7, 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 $17 billion in annual revenue and 17 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 28 countries around the world, TELUS International (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 high-growth industry verticals, including tech and games, communications and media and eCommerce and fintech.

TELUS Health is a global healthcare company, which provides employee and family preventative healthcare and wellness 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, preventative and mental health outcomes covering over 60 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, our team members and retirees to contribute more than $900 million, in cash, in-kind contributions, time and programs, and 1.8 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 @TELUSNews on Twitter and @Darren_Entwistle on Instagram.

Investor Relations
Robert Mitchell
(647) 837-1606
ir@telus.com 

Media Relations
Steve Beisswanger
(514) 865-2787
Steve.Beisswanger@telus.com 

FAQ

What is the significance of TELUS acquiring shares of TELUS International?

The acquisition signifies TELUS's confidence in TELUS International's growth prospects and strategic importance, particularly with planned synergies from recent acquisitions.

How many shares did TELUS acquire in the latest purchase?

TELUS acquired 92,419 subordinate voting shares in the latest purchase, increasing its total acquisitions in recent months to 1,414,900 shares.

What percentage of TELUS International's shares does TELUS now hold?

After the latest acquisition, TELUS holds approximately 56.63% of the total shares and 74.78% of the multiple voting shares of TELUS International.

What was the average purchase price of the shares acquired by TELUS?

The average purchase price for the shares acquired by TELUS was C$26.43.

What are the future plans for TELUS regarding its investment in TELUS International?

TELUS may consider further purchases or sales of shares depending on market conditions but currently has no specific plans beyond the recent acquisition.