TELUS seeking partners for TELUS Health

VANCOUVER – TELUS Corp. says it has hired TD Securities Inc. and Jefferies Securities Inc. as financial advisers to aid in the review of TELUS Health as it seeks a partner for the business. The company says the financial advisers will help with its monetization strategy for TELUS Health, which may include the identification and evaluation of potential strategic partnerships.

TELUS Health sells health services to organizations including electronic health record systems, employee assistance programs and mental health platforms.

TELUS chief executive Darren Entwistle (pictured) says the company’s monetization strategy for TELUS Health is focused on finding a strategic partner.

Entwistle said, “TELUS Health is a world-class digital asset with roots in Canada but rapidly expanding its international presence and AI product set, capturing meaningful industry, technology and societal tailwinds to drive a compelling future growth profile for this business.”

He added, “Our monetisation strategy is focused on welcoming a strategic partner that will help us maximise further value creation at TELUS Health by adding complementary skills, customer reach and economic capacity to drive growth and scale.”

TELUS, which is working to reduce its debt, said late last year that it was pausing its dividend growth plan until its share price reflects its growth prospects.

The company plans to begin phasing out its discounted dividend reinvestment plan this quarter, which allows shareholders to use their dividends to buy TELUS shares from the company at a discount to the market price.