The telecom is looking to monetize non-core assets
The future of TELUS seemingly won’t include agriculture.
“Monetization of non-core businesses is progressing, with near-term priority focused on accelerating the monetization of TELUS Health and TELUS Agriculture & Consumer Goods,” the company’s Nov. 6 Q3 report says.
TELUS is moving away from its ag and health assets as a cost savings measure.
The company is looking to save $900 million by the end of 2028 as it refocuses on telecommunications and AI. Money from the sales of the health and ag units will be funneled towards debt reduction.
The health and ag portfolios are “probably best in the hands of other capital providers over time so that we can take the resources that we free up and redeploy it into the Canadian telecom and digital infrastructure sector,” TELUS President and CEO Victor Dodig told The Canadian Press.
TELUS launched TELUS Agriculture in 2020 to provide technology capable of supporting food supply chain connectivity.
At the time it supported more than 100 million acres of farmland across North America, Europe, and Australia.
In 2022, the Canadian company expanded its work in ag with TELUS Agriculture & Consumer Goods.
This move sought to “connect participants across the entire value chain, from seed growers to food and consumer goods retailers,” and help stakeholders make better decisions.
In 2025, for example, TELUS Agriculture & Consumer Goods partnered with Welch’s on an agronomy and compliance platform to help with traceability across Welch’s supply chain.
TELUS Health started in 2008 as a Canadian healthcare technology provider.