TELUS acquires additional shares of TELUS International through agreement with Baring Private Equity Asia

VANCOUVER, British Columbia, May 16, 2023 (GLOBE NEWSWIRE) -- TELUS Corporation (“TELUS”) today announced that its indirect, wholly-owned subsidiary has entered into a purchase agreement with an entity affiliated with BPEA EQT (“BPEA”) relating to the acquisition by TELUS of 2.5 million multiple voting shares (the “Purchased Shares”) in the capital of TELUS International (Cda) Inc. (“TELUS International” or “TI”) from BPEA. Today’s investment is consistent with our shareholder agreement with BPEA whereby TELUS has the Right of First Offer to purchase multiple voting shares or subordinate voting shares from BPEA in connection with a sale transaction for gross proceeds in excess of US$10.0 million.

“Upon thoughtful consideration, we have reached an agreement to acquire additional shares of TI from BPEA,” said Darren Entwistle, President and CEO of TELUS. “This purchase represents an attractive opportunity to invest further in TI, demonstrating our long-standing confidence in TI’s operational execution and financial outlook, focused on continued profitable growth. Moreover, this investment reinforces the important ongoing role TI plays in advancing TELUS’ global growth strategy. Indeed, with TELUS as an anchor client, TI is enabling our organization's customer service excellence and powering our critical digitization strategy. This includes providing premium AI and digital enablement solutions across our telecommunications business as well as TELUS Health and TELUS Agriculture & Consumer Goods, which TI has successfully productized for the benefit of other global brands.”

The purchase of the Purchased Shares is being made pursuant to the private agreement exemption set forth in section 4.2 of National Instrument 62-104.

The Purchased Shares represent approximately 1.3% of the outstanding multiple voting shares of TELUS International and approximately 0.9% of all outstanding shares. The Purchased Shares are being acquired for a purchase price of US$16.90 per Purchased Share, representing aggregate consideration of US$42,250,000.

Before giving effect to the purchase, TELUS held an aggregate of 149,504,019 multiple voting shares of TELUS International and 1,438,013 subordinate voting shares, representing approximately 74.8% of the outstanding multiple voting shares, 2.0% of the outstanding subordinate voting shares, 72.2% of the outstanding voting rights attached to all shares of TELUS International and approximately 55.2% of the total shares outstanding. After giving effect to the purchase, TELUS will hold an aggregate of 152,004,019 multiple voting shares and 1,438,013 subordinate voting shares. Upon completion of the acquisition, the shares held by TELUS will represent approximately 56.1% of the outstanding shares of TELUS International, 2.0% of the outstanding subordinate voting shares, 76.0% of the outstanding multiple voting shares of TELUS International and 73.4% 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 Robert Mitchell (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 $18 billion in annual revenue and 18 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 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 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 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 67 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 $1.5 billion, including 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 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