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TELUS to sell 35% stake in international unit

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TELUS to sell 35% stake in international unit

's TELUS Corp. agreed to sell a 35% stake in TELUSInternational to Baring Private Equity Asia in a deal which values TI at C$1.2billion.

TI is aprovider of customer service, IT, and business process services. TELUS Corp.said May 5 that its shareholders will retain a 65% interest in TI, and that itintends to retain a long-term majority ownership position in the unit.

Proceeds ofabout C$600 million from the transaction will be used to support continuedexpansion of TELUS' broadband networks in Canada.

The deal issubject to customary closing conditions. Rothschild acted as TELUS' financialadviser.

In otherTELUS news, the company said in an SEC filing the same day that it will expandits wireless customer base in Manitoba. TELUS struck a deal with under which aboutone-third of Manitoba TelecomServices Inc. postpaid wireless customers will become TELUScustomers after BCE's acquisition of MTS closes.

Additionally,TELUS intends to extend multiyear dividend growth and share repurchaseprograms, with an annual dividend increase ranging from 7% to 10% from 2017 to theend of 2019.