06:25 AM EDT, 08/16/2024 (MT Newswires) -- TELUS Corp. ( TU ) (T.TO, TU) overnight Thursday said it acquired 2.3% of TELUS International's (TIXT.TO, TIXT) subordinate voting shares, equal to 0.9% of all outstanding shares.

TELUS Corp. ( TU ) paid $4.25 per share for the 2.6 million shares acquired.

"In response to [the] unprecedented valuation levels, we are strategically stepping in to support the share trading activity by incrementally increasing our existing ownership of the subordinate voting shares in the public market," said Darren Entwistle, president and CEO of TELUS ( TU ).

TELUS International was at last look down 5.6% in U.S. premarket trade at US$3.19. It closed up 8.6% at $4.65 on the TSX yesterday.