TELUS announces acquisition of Black’s
Black’s retail locations across Canada to expand TELUS’ wireless distribution
Vancouver, B.C. — TELUS Corporation (TSX: T, T.A; NYSE: TU) today announced it has acquired Black’s Photo Corporation (“Black’s”), Canada’s premier national imaging and digital retailer. This acquisition delivers on TELUS’ imperative to further advance its wireless and data strategy by expanding the distribution of TELUS’ wireless products and services across Canada.
Following the acquisition, Black’s stores will add TELUS wireless products and services in 113 premium locations nationally with a particular strength in the Ontario marketplace.
“Black’s is an impressive Canadian retailer with a great brand, reputation and management team,” said Joe Natale, executive-vice president and president, TELUS Consumer Solutions. “Black’s premium locations provide an established network across Canada for the distribution of TELUS’ wireless products, which nicely complements our extensive network of dealers and stores. In anticipation of our clients’ evolving needs and as more wireless devices have imbedded high quality photo and video capability, there is a natural link between TELUS and Black’s.”
“Black’s looks forward to working with the TELUS team to expand our products and expertise to include TELUS’ wireless devices across Canada. Black’s and TELUS share a customer-focused culture and this relationship will further expand our ability to meet clients’ needs for wireless devices with digital imaging capabilities,” said Ethel Taylor, who will continue to lead Black’s in her capacity as President and General Manager.
TELUS will continue to deliver a great client experience by expanding wireless device distribution through Black’s existing stores and using Black’s in-store expertise to meet clients’ wireless and digital imaging needs.
This acquisition will build upon Black’s nearly 80 year old strong national brand and reputation based on excellent customer service and highly qualified, professional staff.
TELUS has acquired Black’s from privately owned ReichmannHauer Capital Partners. The value of the transaction is approximately $28 million.
About Black’s Photo Corporation
Established in the 1930’s, Black’s is Canada’s premier destination for imaging and digital products and services. Black’s has a network of 113 stores across Canada, a large base of loyal customers, and one of the top retail brands in the country. Over its proud 79 year history, Black’s has earned a reputation for premium printing services and for being a top destination for purchasing: digital camera equipment, services, supplies and accessories; media; frames and albums; and Memorables - Personalized PhotoGifts. For more information about Black’s, please visit www.blackphoto.com.
TELUS (TSX: T, T.A; NYSE: TU) is a leading national telecommunications company in Canada, with $9.7 billion of annual revenue and 11.8 million customer connections including 6.3 million wireless subscribers, 4.1 million wireline network access lines, 1.2 million Internet subscribers and more than 100,000 TELUS TV customers. Led since 2000 by President and CEO, Darren Entwistle, TELUS provides a wide range of communications products and services including data, Internet protocol (IP), voice, entertainment and video. In support of our philosophy to give where we live, TELUS, our team members and retirees have contributed $137 million to charitable and not-for-profit organizations and volunteered more than 2.6 million hours of service to local communities since 2000. Nine TELUS Community Boards across Canada lead our local philanthropic initiatives. For more information about TELUS, please visit telus.com.
Forward looking statements
This news release contains forward looking statements. Forward looking statements are not based on historical facts, but rather on current expectations, TELUS assumptions and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Company assumptions and risk factors are listed from time to time in TELUS’ reports, public disclosure documents including Management’s discussion and analysis, Annual Information Form, and in other filings with securities regulatory authorities in Canada and the United States.
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