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TELUS buying ADT Security Services for C$700M

Canadian telecommunications company TELUS Corp. agreed to acquire security and automation services provider ADT Security Services Canada Inc. for about C$700 million.

Following the closing of the transaction, ADT Canada employees will join TELUS. ADT Canada employs about 1,000 people and has about 500,000 residential and business customers.

"This acquisition furthers TELUS' commitment to leverage the power of technology to bring state-of-the-art convenience, control and safety into the lives, homes and businesses of more Canadians," the company said in a filing.

The transaction is expected to close in the fourth quarter, subject to regulatory approval and other closing conditions.