Court approves TELUS acquisition of Mobilicity
VANCOUVER, May 28, 2013 /CNW/ - TELUS welcomes today's approval of its acquisition of Mobilicity by the Ontario Superior Court of Justice.
"Following on last week's vote in favour of the proposal by Mobilicity's debtholders, today's court decision takes us another important step closer to completing this acquisition, which will allow TELUS to save the jobs of Mobilicity's 150 employees and continue service for their 250,000 customers without the disruption that company's current financial issues could cause," said David Fuller, TELUS Chief Marketing Officer.
TELUS and Mobilicity announced May 16 that TELUS had agreed to acquire the company for $380 million, subject to approval from the company's debtholders, the court, the Competition Bureau, and Industry Canada. On May 23 Mobilicity announced its debtholders voted in favour of the transaction. Today, the Ontario Superior Court of Justice found the proposed acquisition can proceed under the Canadian Business Corporations Act.
TELUS and Mobilicity are seeking expeditious regulatory review due to the challenging financial circumstances Mobilicity is facing.
Caution Regarding Forward Looking Statements
This news release contains statements about expected future events of TELUS that are forward-looking. By their nature, forward-looking statements require the Company to make assumptions and predictions and are subject to inherent risks and uncertainties. There can be no assurance that the associated benefits for TELUS shareholders of the acquisition will be realized, or that the expected regulatory and court approvals will be obtained. There is significant risk that the forward-looking statements will not prove to be accurate. Readers are cautioned not to place undue reliance on forward-looking statements as a number of factors could cause actual future events to differ materially from that expressed in the forward-looking statements. Except as required by law, TELUS disclaims any intention or obligation to update or revise forward-looking statements.
TELUS (TSX: T, NYSE: TU) is a leading national telecommunications company in Canada, with $11 billion of annual revenue and 13.2 million customer connections, including 7.7 million wireless subscribers, 3.4 million wireline network access lines, 1.4 million Internet subscribers and 712,000 TELUS TV customers. Led since 2000 by President and CEO, Darren Entwistle, TELUS provides a wide range of communications products and services, including wireless, data, Internet protocol (IP), voice, television, entertainment and video.
For more information about TELUS, please visit telus.com.
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