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December 31, 2007............................................................................................... 0.9881
December 31, 2008............................................................................................... 1.2246
GENERAL DEVELOPMENT OF THE BUSINESS
TELUS is a leading national telecommunications company in Canada, offering a wide
range of wireline and wireless communications products and services including data,
voice and entertainment. In 2008, TELUS generated $9.65 billion in annual revenue and
had 11.6 million subscriber connections including 6.13 million wireless subscribers, 4.25
million wireline network access lines and 1.22 million Internet subscribers. As a result of
TELUS’ national growth strategy, revenue grew by 6.4 per cent in 2008 and total
customer connections increased by 448,000.
Three Year History
During the three-year period ended December 31, 2008, TELUS undertook a number of
acquisitions, internal reorganizations and business development opportunities.
In the third quarter of 2008, TELUS purchased the remaining interests in Ambergris
Solutions Inc. (TELUS International Philippines), in which TELUS first acquired a
controlling interest in 2005.
In January 2008, TELUS made a small acquisition of privately held Fastvibe, a provider
of web-streaming solutions for business to strengthen the Company’s technology
solutions portfolio.
On November 29, 2007, TELUS and Emergis, a business process outsourcer
specializing in the healthcare and financial services sectors, announced that they had
entered into a support agreement pursuant to which TELUS agreed to make an all-cash
offer to acquire by way of a take over bid all the outstanding common shares of Emergis
at $8.25 per share. On January 17, 2008, 6886116 Canada Ltd., a wholly-owned
subsidiary of TCI, had purchased approximately 94 per cent of the issued and
outstanding common shares of Emergis on a fully diluted basis. 6886116 Canada Ltd.
exercised its statutory rights under the Canada Business Corporations Act and
purchased the remaining common shares of Emergis by compulsory acquisition. The
approximate total purchase price of the Emergis common shares was $743 million. A
corporate reorganization of Emergis was completed immediately prior to the completion
of its purchase. The common shares of Emergis have been de-listed from the Toronto
Stock Exchange and Emergis is no longer a reporting issuer.
In 2006, TELUS strengthened its IT capabilities by acquiring Assurent Secure
Technologies, a Canadian information technology security services and research
company.
DESCRIPTION OF THE BUSINESS AND GENERAL DEVELOPMENTS
Organization
6