Telus to raise CAD1.3bn in stock sale to accelerate fibre/5G investment

26 Mar 2021

Canadian telco Telus yesterday disclosed a plan to raise CAD1.3 billion (USD1.03 billion) via an equity offering, selling 51.3 million shares to underwriters at CAD25.35 apiece, representing a 3.4% discount on the stock’s last close on the Toronto Stock Exchange, reports Reuters. Telus intends to use the net proceeds to accelerate investment in expanding its high speed fibre broadband access network in British Columbia, Alberta and Eastern Quebec, alongside speeding up the rollout of its 5G mobile network nationwide. RBC Capital Markets and CIBC Capital Markets are the underwriters, with BMO Capital Markets, Scotiabank and TD Securities acting as joint book runners for the offering, which is expected to close on or around 31 March.

Canada, Telus Corporation