The deal is supported by EQT, TELUS Digital’s largest minority shareholder holding approximately 31 percent of the outstanding subordinate voting shares and 7.5 percent of the multiple voting shares, or approximately 9.1 percent of the outstanding voting rights of TELUS Digital.
“The transaction is fully reflective of our belief that closer operational proximity between TELUS and TELUS Digital will enable enhanced AI capabilities and SaaS transformation across all lines of our business, including telecommunications, TELUS Health and TELUS Agriculture & Consumer Goods, driving positive outcomes for the customers we serve on a global basis,” said TELUS president and CEO Darren Entwistle, in a press release. “Furthermore, this transaction, once completed, will also accelerate our global growth in products and services to other customers around the world in key verticals, including financial technology, gaming and technology, communications and media, and health.”
TELUS Digital special committee co-chair Olin Anton added, “We believe the transaction positions TELUS Digital to enhance its ability to deliver innovative solutions and invest in new capabilities in a highly competitive and increasingly concentrated market environment.”
TELUS was advised by Stikeman Elliott LLP and Allen Overy Shearman Sterling LLP (legal counsel), Barclays (lead financial advisor), and Jefferies (financial advisor).
The special committee was advised by McCarthy Tétrault LLP (legal counsel), BMO Capital Markets (independent valuator and financial advisor), BofA Securities (financial advisor), and FGS Longview (communications counsel).