May 31, 2000
QuébecTel's shareholders approve TELUS deal
Rimouski, Quebec - The QuébecTel Group Inc., at its Special General Meeting held earlier today, submitted to its shareholders the privatization transaction with TELUS.
At the close of this meeting, the Company confirmed that 97% of shareholders and 83.3% of minority shareholders had voted in favor of the agreement allowing TELUS to acquire approximately 70% of The QuébecTel Group Inc. The shareholders will receive $23 per share, thereby setting the transaction value at CDN $582 million; shareholders will be paid on June 5, 2000.
This transaction will enable QuébecTel to extend its service offerings throughout Québec and lead the execution of TELUS' national strategy through the province. The Company's head office will remain in Rimouski.
The transaction allows TELUS, the second largest telecommunications company in Canada, to accelerate its competitive entry into Québec and to become a truly national telecommunications service provider.
For more information, please contact:
Bernard Lepage
Public Relations and Information Director
QuébecTel Group Inc.
Tel.: (418) 722-5627
Pager: (418) 727-2006
Nick Culo
TELUS media relations manager
Cellular: (780) 710-4077