Telus International prices public offering in bid to expand digital business
Posted January 25, 2021 8:35 am.
Last Updated January 25, 2021 8:48 am.
VANCOUVER — Telus Corp. says it is planning a US$958.3 million public offering for its subsidiary Telus International, as it brings on outside investors to boost its digital and artificial intelligence business.
Documents filed with the U.S. Securities and Exchange Commission say Telus International expects to price its shares between US$23 and US$25 each on the New York Stock Exchange.
Investors would be buying into Telus’ technology business for games, communications, media, e-commerce, fintech, health care and hospitality, as well as recently acquired data annotation company Lionbridge AI.
Telus says that last year, these businesses made between US$95 million and US$102 million in net income.
Telus Corp. is the largest client and controlling shareholder of Telus International, and would own about two-thirds of Telus International after the public offering.
The stock would trade on both the New York and Toronto stock exchanges under the symbol TIXT.
This report by The Canadian Press was first published Jan. 25, 2021.
Companies in this story: (TSX:T)
The Canadian Press
