BURNABY, British Columbia-Telus Corp. and Clearnet Communications Inc. reported that all of the conditions of Telus’ offer to purchase Clearnet have been satisfied and Telus will take-up and pay for the Clearnet shares that have been deposited in accordance with the terms of the offer, creating Canada’s largest wireless carrier.
“In the 60 short days since the announcement, we met every one of our commitments,” said Darren Entwistle, president and chief executive officer of Telus. “We successfully marketed the deal, secured four investment grade debt ratings, raised $6.25 billion in bank syndicated financing, listed our non-voting shares on the New York Stock Exchange and met the conditions of the offers.”
The new Telus Mobility, to be led by Clearnet President and CEO George Cope, will have more than 2 million customers through licenses providing coverage to 31 million potential customers and existing digital network coverage for more than 21 million potential customers across Canada.
Telus said it anticipates acquiring the balance of Clearnet shares not tendered within 35 to 50 days through the compulsory acquisition procedures of the Canada Business Corporations Act.
