Corporate News

Baring Asia buys stake in Telus International

Posted on May 10, 2016

BARING Private Equity Asia (Baring Asia), one of the biggest independent alternative asset management firms in the region, is acquiring a minority stake in the global arm of Canadian telecommunications giant Telus Corp.

In a statement released on Monday, Telus International said it reached a deal with Baring Asia for the latter to purchase a 35% stake in the business process outsourcing company.

Telus shareholders will retain a 65% stake in its international unit.

The agreement, which values Telus International at approximately $1 billion, will still be subject to closing conditions.

“With Baring Asia’s close to 20 years’ exceptional experience developing and growing companies through insightful, strategic counsel, a strong Asian market presence and an extensive global network, we have found the right partner for Telus International,” Jeffrey Puritt, Telus International President, was quoted in a statement as saying.

“We look forward to expanding operations and investing further in the Asia-Pacific region as an area of focus for Telus International, based on the growing needs of our customers,” he added.

Telus International, a global provider of customer service, IT, and business process services to companies across various sectors, has more than 22,000 employees located in the Philippines, United States, Canada, Europe, and Central America. The company employs more than 10,000 in its four offices in Manila.

“We aim to leverage our footprint and cross-border capabilities to further enhance Telus International’s client portfolio and help expand its market presence. The investment is also a validation of our commitment to the Philippines, a market that we are positive about and have also invested in through our real estate platform,” Jean Eric Salata, chief executive officer of Baring Private Equity Asia, said in the same statement. -- Roy Stephen C. Canivel