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TELUS Corporation was set up in 1990 as the parent company of the Alberta Government Telephones Commission (AGT) subsequent to the restructuring of the AGT. Following this, TELUS raised Can$896 million when it went public the same year, making it one of the biggest public offerings in the history of Canadian business.
TELUS Corporation is the British Columbia-based incumbent local exchange carrier (ILEC) providing local and longdistance telecommunications services to residential and business customers in the Canadian provinces of Alberta, British Columbia (BC), and parts of Québec. The company is the second-largest fixed-line, wireless, and Internet service provider (ISP) in Canada, after rival Bell Canada.
The company operates through two operating segments, Communications and Mobility. TELUS offers fixed-line services in Alberta and BC through its wholly-owned subsidiary, TELUS Communications Inc (TCI), while fixed-line services in Québec are carried out through wholly-owned TELUS Communications (Québec) Inc (TCQ). Each of these subsidiaries also provides wireless communications services under the TELUS Mobility brand name. Competitive local exchange carrier (CLEC) services are provided in certain metropolitan areas outside this threeprovince operating area.
On December 14, 2004, Verizon Communications completed the sale of its 20.5% stake in TELUS Corporation via a secondary offering of 48.55 million common shares and 24.94 million non-voting shares of TELUS to the public. At the beginning of December, Verizon, TELUS, and the underwriters signed an underwriting agreement in connection with the offering and the public offering prices were set at Can$31.02 and Can$29.55 per common share and non-voting share, respectively. The aggregate proceeds to Verizon of the offering was approximately Can$2.24 billion (US$1.88 billion), making it what is believed to be the second-largest secondary equity offering and fourth-largest equity offering in Canadian history.
Also in December 2004, TELUS Corporation announced acceptance by the Toronto Stock Exchange of notice of TELUS' intention to purchase from time to time, if it is considered advisable, up to 14 million of its outstanding common shares and up to 11.5 million of its outstanding non-voting shares, in each case, on the Toronto Stock Exchange representing less than 10% of the outstanding public float of such shares at that time. As of December 10, 2004, TELUS had 193,380,204 common shares and 165,209,755 non-voting shares issued and outstanding.
