DECEMBER 16, 2022
TELUS Acquires Additional Shares of TELUS International
Vancouver, B.C. – 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.