Baring Private Equity Asia, which advises funds that manage over CAD13 billion (US$10 billion) in assets, will acquire a 35 percent stake in TELUS International, a global provider of customer service, IT, and business process services.
The agreement values TELUS International at CAD1.2 billion, with TELUS Corporation shareholders retaining a 65 percent interest in the business. In alignment with the company’s top priority of delivering client service excellence, TELUS intends to retain a long-term majority ownership position in TELUS International.
TELUS said it plans to use the funds for its Canadian operations.
“TELUS International has successfully grown its business over the past 11 years by establishing a highly engaged organization focused on delivering exceptional customer service. It has created significant value for TELUS shareholders and is well positioned to leverage Baring Asia’s deep Asian markets presence and worldwide experience, and tap into its global network in order to further expand TELUS International’s operations over the coming years,” said Darren Entwistle, TELUS President and CEO. “Importantly, proceeds of approximately CAD600 million from this transaction will be put to work on TELUS’ long-term strategy of expanding and advancing our broadband wireline and wireless networks to support Canada’s digital economy for generations to come. ”
