VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 15, 2017) - (TSX:T)(NYSE:TU) - Following the announcement that regulatory approvals have been obtained for BCE's acquisition of MTS, TELUS and Bell are now moving forward under their agreement to have close to one-quarter of MTS' postpaid wireless customers assigned to TELUS and to have TELUS assume 13 retail locations for approximately $300 million, subject to customary closing conditions and final adjustments. Even though the transaction is expected to close on or about April 1, 2017, customers will be actively migrated over several months in a customer friendly manner.
As a result of a broader network sharing agreement between TELUS and Bell, customers of both companies will enjoy high quality and reliable coverage across rural Manitoba. In addition, TELUS will invest in wireless technology and infrastructure in the Greater Winnipeg area and Brandon to further enhance the reliability, speed, functionality and reach of our world-leading 4G LTE network.
TELUS (TSX:T)(NYSE:TU) is Canada's fastest-growing national telecommunications company, with $12.8 billion of annual revenue and 12.7 million subscriber connections, including 8.6 million wireless subscribers, 1.7 million high-speed Internet subscribers, 1.4 million residential network access lines and more than 1.0 million TELUS TV customers. TELUS provides a wide range of communications products and services, including wireless, data, Internet protocol (IP), voice, television, entertainment and video, and is Canada's largest healthcare IT provider.
In support of our philosophy to give where we live, TELUS, our team members and retirees have contributed over $482 million to charitable and not-for-profit organizations and volunteered more than 1 million days of service to local communities since 2000. TELUS' 12 Canadian community boards and 5 International boards have led the Company's support of grassroots charities and have contributed more than $60 million in support of 5,595 local charitable projects, enriching the lives of more than 2 million children and youth, annually. TELUS was honoured to be named the most outstanding philanthropic corporation globally for 2010 by the Association of Fundraising Professionals, becoming the first Canadian company to receive this prestigious international recognition. TELUS has been named to the Dow Jones Sustainability Index for the past 16 years, a feat unequalled by any other North American telecommunications company. As detailed in our TELUS Sustainability Report, our commitment to sustainability is inspired by nature to ensure a healthier future for us all.
For more information about TELUS, please visit telus.com
Forward Looking Statement
This news release contains statements about future events and plans at TELUS (the Company) 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 is significant risk that the forward-looking statements will not prove to be accurate. The forward-looking statements contained in this news release describe the Company's expectations at the date of this news release and, accordingly, are subject to change after such date. 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 the assumptions and predictions expressed in the forward-looking statements. Accordingly, this news release is subject to the disclaimer and qualified by the assumptions, qualifications and risk factors referred to in the 2016 Management's discussion and analysis, and in other TELUS public disclosure documents and filings with securities commissions in Canada (on SEDAR at sedar.com) and in the United States (on EDGAR at sec.gov). Except as required by law, TELUS disclaims any intention or obligation to update or revise forward-looking statements.