TELUS, Clearnet Finalize Deal

[Burnaby, CANADA] TELUS Corporation and Clearnet Communications have
created Canada’s largest wireless company. The companies announced
today that all of the conditions of the TELUS Offers to Purchase have
been satisfied and TELUS will take up and pay for the Clearnet shares
that have been deposited.

The TELUS Offers resulted in an overall tender of 98.5 percent of
Clearnet’s shares, consisting of 97.9 percent of the Class A shares,
99.97 percent of the Class B shares, and 100 percent of the Class C
and D shares.

“The completion of the Clearnet acquisition since our announcement of
our intent speaks volumes about the speed and focus with which TELUS
will be operating as we move forward with our growth strategy,” said
Darren Entwistle, president and chief executive officer.

“In the 60 short days since the announcement, we met every one of our
commitments. We successfully marketed the deal, secured four
investment grade debt ratings, raised $6.25 billion in bank
syndicated financing, listed our Non-Voting shares on the New York
Stock Exchange and met the conditions of the Offers.”

The new TELUS Mobility will have more than two million customers,
more than 4,000 employees, a license to provide coverage to 31
million potential customers and existing digital network coverage for
more than 21 million potential customers from coast to coast.

The combined company will become Canada’s largest wireless company in
terms of annual revenues, customer growth, and wireless spectrum

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