June 12 (Reuters) - Telus ( TU ) said on Thursday it
intends to acquire the shares in its listed digital services
subsidiary it does not currently own, as the Canadian telecom
firm seeks greater control of the unit's artificial intelligence
capabilities.
The company has offered $3.40 per share to acquire the
shares it does not own in Telus Digital, valuing the
unit at $946.8 million, according to Reuters' calculation. Telus ( TU )
currently holds about 57% of the digital unit's outstanding
shares directly and through its other units.
This is a 15% premium to the last closing price of the
subsidiary's U.S.-listed stock. U.S.-listed shares of the
digital unit are down more than 24% this year, severely lagging
the parent company whose U.S. listing is up nearly 19% this
year.
The move underscores Telus' ( TU ) push for more control of the
digital unit, which helps businesses adopt AI and develop data
strategies amid a worldwide push to harness the technology.
"Our proposal to fully acquire Telus Digital reflects our
belief that closer operational proximity... will enable enhanced
AI capabilities and SaaS transformation across all lines of our
business," Telus ( TU ) CEO Darren Entwistle said.
Telus ( TU ) said last month it is investing more than C$70 billion
($51.40 billion) in Canada over the next five years to expand
its network infrastructure in the country, which would be
focused around launching two new AI data centers.
Barclays is serving as Telus' ( TU ) financial advisor.
($1 = 1.3619 Canadian dollars)