TELUS expands stake in TELUS Digital by 2.35%
VANCOUVER, CANADA — Global communications technology company TELUS Corporation announced last September 27, 2024 its acquisition of an additional 2.35% stake in TELUS Digital (TELUS International Cda Inc.) through the Toronto Stock Exchange.
This transaction, representing 2,593,631 subordinate voting shares, brings TELUS’s total ownership in TELUS Digital to approximately 57.7% of its total outstanding shares.
This strategic move underscores TELUS’s commitment to strengthening its position in the digital services market.
Investment strategy: Growth, not privatization
Darren Entwistle, President and CEO of TELUS, emphasized that this acquisition is not a step towards privatizing TELUS Digital.
“We continue to hold confidence in TELUS Digital and its long-term profitable growth strategy,” said Entwistle.
“In recognition of the considerable opportunities ahead, we are once again increasing our existing share ownership of the subordinate voting shares in the public market. These purchases are not part of a strategy to privatize the business, but rather, a reflection of our strong belief in the meaningful and sustainable value that TELUS Digital will create for stakeholders in the years to come.”
Strengthening digital market presence
The shares were acquired at an average price of C$4.90 ($ 3.55), representing a total investment of C$12,703,197 ($9.2 million) before trading commissions.
TELUS now holds 6,624,822 subordinate voting shares and 152,004,019 multiple voting shares in TELUS Digital, totaling 87% of TELUS Digital’s voting rights.
TELUS acquired these shares through the market under the normal course purchase exemption, as outlined in Canadian securities regulations.
TELUS Digital’s market position
TELUS Digital, operating in 32 countries, has established itself as a leader in digital customer experience innovation. The company specializes in AI solutions, content moderation, and ext-generation digital experiences.
Its client base spans various industries, including technology, e-commerce, healthcare, and financial services, serving both global and disruptive brands.
The company ranked #34 in the OA500 2024, the first objective index of the world’s top 500 outsourcing companies. Its annual revenue exceeds $20 billion, and it has over 19 million customer connections.
This recent investment aligns with TELUS’s broader strategy to drive digital transformation and meet the demands of a growing online ecosystem. By increasing its stake in TELUS Digital, TELUS is positioning itself to capitalize on the rapidly evolving digital services market.
