Overview

• Shareholders can elect US$4.50 in cash, 0.273 Telus share, or a 50/50 mix for each Telus Digital share.
• Stock elections are capped at 25% of total consideration, with any excess consideration paid in cash.
• The buyout of the minority stake totals US$539 million, implying roughly US$1.3 billion in equity value for the unit.
• The price represents a 52% premium to the June 11 unaffected close and is 32% above the initial US$3.40 proposal, with Telus holding about 86.9% of voting power.
• Riel B. V. supports the offer, the target’s independent special committee unanimously recommended it, and closing is expected in the fourth quarter.