TELUS, Clearnet to Become Canada's Largest Wireless Co.
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[Toronto, CANADA] In the largest acquisition in Canadian telecommunications history, TELUS Corporation will offer to acquire all shares of the national digital wireless company Clearnet Communications Inc.
The combination of TELUS's and Clearnet's wireless operations will produce the largest wireless company in Canada in terms of annual revenue, customer growth and wireless spectrum position and will lead the market for national wireless voice, data and Internet services.
George Cope, president and chief executive officer of Clearnet, will assume leadership of the combined wireless entity as its president and chief executive officer.
"Wireless and IP applications are the two fastest-growing areas in telecommunications and their convergence will be the most significant event of the next decade for our industry. Our objective is to become the Canadian leader of this market," said Darren Entwistle, TELUS president and chief executive officer. "This transaction will give us immediate national wireless coverage, which will serve as the foundation for the data and Internet strategy we are about to unveil.
The combination of Clearnet and TELUS networks will allow TELUS to compete in the wireless market on a national scale approximately three years sooner than if it had decided to build its own network. The transaction is expected to be completed in October.