Telus Corp (TSX: T, NYSE: TU) has closed its sale of a 35 percent interest in Telus International, a provider of customer service, IT, and business process services, to Baring Private Equity Asia. The deal, announced last month, valued Telus International at $1.2 billion. Vancouver-based Telus said it received about $600 million in proceeds from the deal, which the company will now invest in the growth of its broadband wireline and wireless networks. Based in Hong Kong, Baring Asia manages committed capital of over US$10 billion.
TELUS Closes TELUS International Transaction With Baring Private Equity Asia
VANCOUVER, BRITISH COLUMBIA and HONG KONG, HONG KONG–(Marketwired – June 1, 2016) – TELUS (TSX:T)(NYSE:TU) announced today the closing of the previously-announced transaction whereby Baring Private Equity Asia (“Baring Asia”) is acquiring a 35 per cent stake in TELUS International, a global provider of customer service, IT, and business process services. The transaction values TELUS International at CAD1.2 billion. TELUS will invest proceeds of approximately CAD600 million from this transaction in the expansion and advancement of its broadband wireline and wireless networks in support of Canada’s digital economy.
“TELUS International is now poised, with the backing and support of TELUS and Baring Asia, to continue its rapid growth in the years ahead,” said Josh Blair, TELUS’ Chief Corporate Officer and Chair of TELUS International. “Under the continuing leadership of Jeffrey Puritt, President and CEO of TELUS International and now an Executive Vice-president of TELUS, I am confident that our 22,000 TELUS International team members will continue to advance our leading culture and deliver customer experience innovation for the benefit of our clients across the globe.”
About TELUS International
TELUS International is a global provider of customer service, IT, and business process services with more than 22,000 team members around the world, including in Canada, the United States, Europe, Central America and Asia. With over 175 million customer interactions supported annually via voice, email, chat and social media, across the telecommunications, utilities, high tech, gaming, finance, retail, e-commerce, travel and logistics, and health care industries, TELUS International enables customer experience innovation through spirited teamwork, agile thinking, and a caring culture that puts customers first. As the global arm of TELUS (TSX:T)(NYSE:TU), TELUS International is backed by a leading national telecommunications company in Canada, with CAD12.6 billion of annual revenue and 12.4 million customer connections.
At TELUS International, we give where we live, following the demonstrable example set by TELUS which along with its team members and retirees, has contributed CAD440 million to charitable and not-for-profit organizations and provided more than 6.8 million hours of volunteer service to local communities since 2000. TELUS had the immense honour of being named the Most Outstanding Philanthropic Corporation in the world in 2010 by the Association of Fundraising Professionals, becoming the first Canadian company ever to receive the prestigious global distinction. TELUS International has leveraged the innovative model created in 2005 by TELUS’ President and CEO, Darren Entwistle, and has four Community Boards across the globe that guide our donations and actions in support of local charitable organizations. Additionally, TELUS International holds days of giving across the countries we operate in every year, and in 2015, over 7,000 of our team members volunteered in activities such as building schools and homes for underprivileged fellow citizens.
For more information, please visit www.telusinternational.com.
About Baring Private Equity Asia
Baring Private Equity Asia is one of the largest and most established independent alternative asset management firms in Asia, with a total committed capital of over CAD13 billion (US$10 billion). The firm runs a pan-Asian investment program, sponsoring management buyouts and providing growth capital to companies for expansion or acquisitions, as well as a pan-Asian real estate private equity investment program. The firm has been investing in Asia since its formation in 1997 and has over 125 employees located across seven offices in Hong Kong, Shanghai, Beijing, Mumbai, Singapore, Jakarta and Tokyo. Baring Asia currently has over 35 portfolio companies active across Asia with a total of 150,000 employees and sales of approximately CAD40 billion (US$31 billion) in 2015. For more information, please visit www.bpeasia.com.
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Photo courtesy of Reuters