In its ongoing commitment to bring world-leading connectivity and cutting-edge technology to more Canadians, TELUS has been engaging advisors for several months on a number of balance sheet strengthening items, including evaluating a potential plan to sell a minority stake in our world class portfolio of wireless towers.
"We have engaged with advisors to explore the monetization of our tower infrastructure. If we are able to do this within the parameters of our desired economics, it would enhance the efficiency and effectiveness of our network operations," said Darren Entwistle, TELUS President and CEO. "This initiative reflects TELUS' broader commitment to long-term sustainable growth, as the company looks to strengthen its balance sheet as 100% of the proceeds would be used to pay down debt."
"This initiative would provide TELUS the financial flexibility to pay down debt and, importantly, accelerate progress on our recently announced path to de-leveraging, including achieving a leverage target ratio of 3 times net debt to EBITDA by 2027, while concurrently turning off our discounted dividend reinvestment program over the same period," said Doug French, Executive Vice-President and Chief Financial Officer. "This represents a distinct opportunity to create significant value for our stakeholders, including our customers, investors, communities and Canadians coast-to-coast-to-coast. Importantly, this represents only one of many monetization opportunities we are actively considering as part of our de-leveraging playbook which will support continued leading operational and financial performance, and our ability to deliver innovative and superior solutions to our customers."
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