TELUS Corporation (TSX: T; NYSE: TU) (TELUS) and its subsidiary,
TELUS International (Cda) Inc. (TSX and NYSE: TIXT) (TELUS
International), today announced the closing of the upsized TELUS
International initial public offering (IPO) of 42.55 million
subordinate voting shares at a price of US$25.00 per share, which
includes 5.55 million subordinate voting shares purchased upon the
full exercise of the underwriters’ over-allotment option to
purchase additional subordinate voting shares from TELUS and Baring
Private Equity Asia (Baring), the selling shareholders.
The offering generated aggregate gross proceeds to TELUS
International, TELUS and Baring of U.S. $1.06 billion (CAD$1.36
billion), including the exercise of the over-allotment option in
full. The net proceeds to TELUS International are expected to be
approximately US$490 million (CAD$627 million), and are expected to
be used to repay outstanding borrowings under its revolving credit
facilities. TELUS International will not receive any proceeds from
the subordinate voting shares sold by the selling shareholders.
The subordinate voting shares began trading on the New York
Stock Exchange and the Toronto Stock Exchange on February 3, 2021
under the ticker “TIXT.”
The subordinate voting shares sold in the IPO included
approximately 21.0 million subordinate voting shares from TELUS
International treasury and approximately 21.55 million subordinate
voting shares from the selling shareholders. As of the closing of
the IPO, and including the impact from the exercise in full of the
underwriters’ over-allotment option, TELUS holds 67.0% of the
voting power of TELUS International and 55.2% of the economic
interest, and Baring holds approximately 30.7% of the voting power
of TELUS International and 25.3% of the economic interest.
J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC
acted as joint lead book-running managers for the IPO. Barclays
Capital Inc., BofA Securities and CIBC World Markets Inc. also
acted as active book-running managers. Citigroup Global Markets
Inc., Credit Suisse Securities (USA) LLC, RBC Dominion Securities
Inc., Robert W. Baird & Co. Incorporated, BMO Nesbitt Burns
Inc., Scotia Capital Inc., TD Securities Inc., Wells Fargo
Securities, and William Blair & Company, L.L.C. also acted as
book-running managers. Additionally, MUFG Securities Americas Inc.,
National Bank Financial Inc., Loop Capital Markets LLC and R.
Seelaus & Co., LLC acted as co-managers.
A registration statement, including a prospectus, relating to
the IPO was filed with, and declared effective by, the U.S.
Securities and Exchange Commission. TELUS International has also
obtained a receipt for its final base PREP prospectus filed with
the securities regulatory authorities in each of the provinces and
territories of Canada, and has also filed a supplemented PREP
prospectus with such authorities. A copy of the prospectus related
to the offering may be obtained from: J.P. Morgan Securities LLC,
c/o Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, NY 11717, by telephone at (866) 803-9204, or by email
at prospectus-eq_fi@jpmchase.com; Morgan Stanley & Co.
LLC, Attention: Prospectus Department, 180 Varick Street, 2nd
Floor, New York, NY 10014; Barclays, c/o Broadridge Financial
Solutions, 1155 Long Island Avenue, Edgewood, NY 11717,
by calling (888) 603-5847, or by email
at barclaysprospectus@broadridge.com; BofA Securities,
NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte NC
28255-0001, Attn: Prospectus Department, or by email
at dg.prospectus_requests@bofa.com; or CIBC Capital Markets,
22 Front Street West, Mailroom, Toronto, ON, M5J 2W5, by telephone
at (416) 956-3636, or by email
at michelene.dougherty@cibc.ca.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any securities of TELUS
International, and shall not constitute an offer, solicitation or
sale in any jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of that jurisdiction.
About TELUS InternationalTELUS International
(TSX and NYSE: TIXT) designs, builds and delivers next-generation
digital solutions to enhance the customer experience (CX) for
global and disruptive brands. The company’s services support the
full lifecycle of its clients’ digital transformation journeys and
enable them to more quickly embrace next-generation digital
technologies to deliver better business outcomes. TELUS
International’s integrated solutions and capabilities span digital
strategy, innovation, consulting and design, digital transformation
and IT lifecycle solutions, data annotation and intelligent
automation, and omnichannel CX solutions that include content
moderation, trust and safety solutions and other managed solutions.
Fueling all stages of company growth, TELUS International partners
with brands across high growth industry verticals, including tech
and games, communications and media, eCommerce and fintech,
healthcare, and travel and hospitality. Learn more at:
telusinternational.com.
About TELUS CorporationTELUS (TSX: T, NYSE: TU)
is a dynamic, world-leading communications technology company
spanning wireless, data, IP, voice, television, entertainment,
video, and security. We leverage our global-leading technology and
compassion to enable remarkable human outcomes. Our longstanding
commitment to putting our customers first fuels every aspect of our
business, making us a distinct leader in customer service
excellence and loyalty. In 2020, TELUS was recognized as having the
fastest wireless network in the world, reinforcing our commitment
to provide Canadians with access to superior technology that
connects us to the people, resources and information that make our
lives better. TELUS Health is Canada’s leader in digital health
technology, improving access to health and wellness services and
revolutionizing the flow of health information across the continuum
of care. TELUS Agriculture provides innovative digital solutions
throughout the agriculture value chain, supporting better food
outcomes from improved agri-business data insights and processes.
TELUS International (TSX and NYSE: TIXT) is a leading digital
customer experience innovator that delivers next-generation AI and
content management solutions for global brands across the
technology and games, ecommerce and FinTech, communications and
media, healthcare, travel and hospitality sectors. TELUS and
TELUS International operate in 25+ countries around the world.
Driven by our passionate social purpose to connect all citizens
for good, our deeply meaningful and enduring philosophy to give
where we live has inspired TELUS, our team members and retirees to
contribute more than $820 million and 1.6 million days of service
since 2000. This unprecedented generosity and unparalleled
volunteerism have made TELUS the most giving company in the
world.
For more information about TELUS, please visit telus.com, follow
us @TELUSNews on Twitter and @Darren_Entwistle on Instagram.
TELUS
Investor Relations |
TELUS
International Investor Relations |
Ian McMillan |
Jason Mayr |
(604) 695-4539 |
(604) 695-3455 |
ir@telus.com |
ir@telusinternational.com |
|
|
TELUS Media Relations |
TELUS International Media Relations |
Steve Beisswanger |
Ali Wilson |
(514) 865-2787 |
(604) 328-7093 |
Steve.Beisswanger@telus.com |
Ali.Wilson@telusinternational.com |
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