TELUS Announces Baring Private Equity Asia to Acquire 35 Per Cent Stake in TELUS InternationalThursday, May 5, 2016
Agreement leverages TELUS' world class customer service and employee engagement with Baring Private Equity Asia's global relationships to expand TELUS International's business process, IT and customer service operations Values TELUS International at CAD1.2 billion TELUS to invest transaction proceeds of approximately CAD600 million in the continued expansion of its broadband networks in Canada
Vancouver, BC, May 5, 2016--(T-Net)--TELUS (TSX:T)(TU) announced today that it has reached an agreement with Baring Private Equity Asia ("Baring Asia"), which advises funds that manage over CAD13 billion (US$10 billion) in assets, for it to acquire a 35 per cent 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 per cent 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 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. Our entire organization welcomes Baring Asia to the TELUS team and we are pleased to be partnering with an organization which, with nearly 20 years of experience in investing and helping companies grow to the next stage of development, shares our long-term approach to growth and excellence."
Launched by TELUS in 2005, TELUS International has become a leading global provider of customer service, IT, and business process services to industry leaders across the telecommunications, utilities, high tech, gaming, finance, retail, e-commerce, travel and logistics, and health care sectors.
TELUS International has more than 22,000 team members located in Canada, the United States, Europe, Central America and Asia, serving clients in more than 35 languages. The TELUS International team is part of TELUS' unique corporate culture that has delivered the highest employee engagement in the world for a company of its size and composition, and earned a reputation for having the best customer service of any major national carrier, according to the company.
Jean Eric Salata, CEO of Baring Asia, commented: "In TELUS International, we see a strong company with best-in-class services which has successfully developed from a captive provider to a leading market player serving diverse customers. With an exceptional team, a portfolio of top-tier customers in fast-growing industries, and a strong global footprint, we believe that the company is in a great position to build on its past successes and establish its position as a leading international player in the space. We aim to leverage our footprint and cross-border capabilities to further enhance TELUS International's client portfolio and help expand its market presence. TELUS is a highly regarded institution with a strong corporate culture of giving back to the community, and we are proud to be partnering with them."
"The future is exciting for TELUS International thanks to our exceptional leadership team and passionate and caring team members around the globe who put our customers first in all that they do," said Josh Blair, TELUS' Chief Corporate Officer with responsibility for TELUS International, TELUS Health and TELUS Business Solutions West. "I am looking forward to chairing TELUS International's Board of Directors and drawing on the combined strengths of TELUS and Baring Asia to guide the progression of the company's strategic pursuits over the years ahead."
The agreement is subject to customary closing conditions. Rothschild acted as sole financial advisor to TELUS for this transaction.
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 visitwww.bpeasia.com.
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)(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.
TELUS Forward-looking statement:
This news release contains statements about expected future events, including, but not limited to, statements relating to the proposed purchase by Baring Asia of a stake in TELUS International. By their nature, forward-looking statements require the Company to make assumptions and predictions and are subject to inherent risks and uncertainties. There can be no assurance that the conditions to closing of the transaction will be satisfied, that the associated benefits of the transaction for TELUS shareholders and customers will be realized or that growth plans for TELUS International will be realized. There is significant risk that the forward-looking statements will not prove to be accurate. The forward-looking statements contained in this news release describe our expectations at the date of this news release and, accordingly, are subject to change after such date. Readers are cautioned not to place undue reliance on forward-looking statements as a number of factors could cause actual future events, including capital expenditures, to differ materially from those expressed in the forward-looking statements. Accordingly, this news release is subject to the disclaimer and qualified by the assumptions, qualifications and risk factors referred to in the 2016 first quarter Management's discussion and analysis and in the 2015 annual report, and in other TELUS public disclosure documents and filings with securities commissions in Canada (on SEDAR at sedar.com) and in the United States (on EDGAR at sec.gov). Except as required by law, TELUS disclaims any intention or obligation to update or revise forward-looking statements.
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For Baring Private Equity Asia:
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