RE:Telus buys 3 million multiple voting sharesThe text of the agreement follows. There may be more than meets the eye here. There is a suggestion that Telus's pending purchase of Lifeworks may be rolled into TIXT, and there is still that retracted take-over by TIXT that appears to be still pending in the background. Telus may be just ensuring that they continue to have significant influence over TIXT as it expands.
2022-06-29 06:00 ET - News Release
VANCOUVER, British Columbia, June 29, 2022 (GLOBE NEWSWIRE) -- TELUS Corporation ("TELUS") today announced that its indirect, wholly-owned subsidiary has entered into a purchase agreement with an entity affiliated with Baring Private Equity Asia ("BPEA") relating to the acquisition by TELUS of 3,000,000 multiple voting shares (the "Purchased Shares") in the capital of TELUS International (Cda) Inc. ("TELUS International") from BPEA.
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.
"Following thoughtful consideration, it is our strong belief that this represents an attractive opportunity to invest further in TELUS International," commented Darren Entwistle, President and CEO of TELUS. "This share purchase is reflective of our strong, ongoing confidence in the continued prospects and robust profitable growth trajectory of the TELUS International organization, and demonstrates our continued support for our TELUS international team and their strategic objectives."
The Purchased Shares represent approximately 1.5% of the outstanding multiple voting shares of TELUS International and approximately 1.1% of all outstanding shares. The Purchased Shares are being acquired for a purchase price of US$22.00 per Purchased Share, representing aggregate consideration of US$66,000,000.
Before giving effect to the purchase, TELUS held an aggregate of 146,504,019 multiple voting shares of TELUS International and no subordinate voting shares, representing approximately 73.28% of the outstanding multiple voting shares, 70.93% of the outstanding voting rights attached to all shares of TELUS International and approximately 55.04% of the total shares outstanding. After giving effect to the purchase, TELUS will hold an aggregate of 149,504,019 multiple voting shares and no subordinate voting shares. Upon completion of the acquisition, the shares held by TELUS will represent approximately 56.17% of the outstanding shares of TELUS International, 74.78% of the outstanding multiple voting shares of TELUS International and 72.38% of the outstanding voting rights of TELUS International.
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.