TELUS Expands Investment in TELUS Digital Shares Significantly
TELUS Acquires More Subordinate Voting Shares of TELUS Digital
TELUS Corporation (TSX: T, NYSE: TU) has recently made a strategic investment by purchasing a substantial number of subordinate voting shares in TELUS Digital, also known as TELUS International (Cda) Inc. This move reflects the company's confidence in its long-term growth and innovation potential. The acquisition, amounting to 2,593,631 shares, represents an increase in TELUS's ownership and signals an endorsement of TELUS Digital's strategic direction.
Details of the Acquisition
The acquisition was carried out through public market purchases on the Toronto Stock Exchange. With this latest purchase, TELUS has increased its stake to approximately 5.99% of the total outstanding subordinate voting shares of TELUS Digital. This marks a 2.35% acquisition increase since the last report where the company had reported ownership of 4,031,191 subordinate voting shares.
"We have a strong belief in the growth strategy of TELUS Digital and recognize the potential that lies ahead," stated Darren Entwistle, President and CEO of TELUS. The company aims to enhance its share ownership in the public market, which is not aimed at privatization but rather at leveraging the sustainable value for its stakeholders over the long run.
Investment Justifications
The purchasing decision was made in accordance with National Instrument 62-104 concerning normal course purchases. Prior to this acquisition, TELUS held a majority of its voting shares totaling 152,004,019 multiple voting shares. The shares bought were at an average price of C$4.90, resulting in a total investment of approximately C$12,703,197 before trade costs.
Following the transaction, TELUS maintains a substantial amount of 152,004,019 multiple voting shares and a total of 6,624,822 subordinate voting shares. The completion of this acquisition further solidifies TELUS's dominant position in TELUS Digital's share structure.
Future Outlook
The acquisition aligns with TELUS's investment goals, which could evolve based on market conditions and the operational performance of TELUS Digital. The management has indicated that this move reflects a commitment to nurturing TELUS Digital’s growth, with intentions to possibly make additional investments in the future based on evolving market dynamics.
A report documenting this acquisition will be made available as per regulatory requirements, ensuring transparency in its dealings.
About TELUS Corporation
TELUS is recognized as a leading communications technology firm, boasting over C$20 billion in annual revenue and servicing more than 19 million customers through its diverse array of products, including wireless services, data solutions, and voice services.
In a world increasingly shaped by technology, TELUS aims to harness its capabilities and corporate responsibility to foster social change and improve lives. As a testament to its commitment to customer service, TELUS has consistently been recognized for its outstanding performance, maintainng its reputation as a customer-centric organization.
Expanding Global Footprint
Operating in a total of 32 countries, TELUS Digital Experience is at the forefront of redefining customer engagement. The company focuses on delivering cutting-edge digital solutions, including advanced AI and content moderation services for a wide array of industries from gaming to eCommerce and healthcare.
TELUS Health stands as a leader in providing primary and preventive healthcare solutions, supporting families and employees around the globe and integrating technology to enhance health outcomes.
Grateful for its position, TELUS has contributed more than C$1.7 billion through various philanthropic initiatives since 2000, demonstrating its commitment to giving back and inspiring community-driven actions.
To connect with TELUS, interested individuals can follow their updates on social media or visit their official website for more information about their initiatives and service offerings.
Frequently Asked Questions
What is the significance of TELUS acquiring more shares in TELUS Digital?
The acquisition signifies TELUS's confidence in the long-term growth potential of TELUS Digital, emphasizing its commitment to increasing stakeholder value.
How much did TELUS invest in the additional shares?
TELUS invested approximately C$12,703,197 in the acquisition of 2,593,631 subordinate voting shares.
What does TELUS's ownership look like after this purchase?
After the acquisition, TELUS holds about 5.99% of the outstanding subordinate voting shares and maintains a substantial position in multiple voting shares of TELUS Digital.
Will TELUS continue to buy shares in TELUS Digital?
While TELUS has not committed to further purchases, company management has indicated that future investments may be made depending on market conditions.
What is TELUS Corporation known for?
TELUS is known as a leading communications technology company focused on customer service excellence and innovation, providing a wide range of digital solutions and healthcare services.
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