|ED TEL Sale Closed|
March 10, 1995
Edmonton, Alberta. TELUS Corporation closed the acquisition of Edmonton Telephones (ED TEL) from the City of Edmonton. The deal was formally concluded when George Petty, TELUS President and CEO, presented a cheque for $465 million to the city, officially making ED TEL part of the TELUS group of companies.
Highlights of the deal include:
- Cash proceeds to the City of $465 million
- TELUS to cover City's obligation for ED TEL debt of $170 million
- Control of ED TEL will remain in Edmonton
- ED TEL owned and managed locally
- Head offices of ED TEL, AGT and TELUS remain in Edmonton
- TELUS to expand Edmonton based research and development - $12 million
- TELUS investment in ED TEL capital expenditure program - $27 million
Commenting on the sale closing, Mr. Petty said, "I am very excited about ED TEL becoming a member of the TELUS family. At TELUS, we take our commitment to Edmonton, and Alberta, very seriously, and we will continue to provide our customers with world-class telecommunications services."
With the addition of ED TEL, TELUS Corporation is Canada's third largest telecommunications company, with total assets in excess of $4 billion and operating revenues well in excess of $1.6 billion.