By Canadian Press

Telus to buy ADT Security Services Canada for roughly $700 million

Oct 1, 2019 | 5:32 AM

VANCOUVER — Telus Corp. has signed a deal to buy ADT Security Services Canada Inc. for roughly $700 million.

ADT Canada has approximately 500,000 customers and approximately 1,000 staff across the country.

Telus says the acquisition is a strategic fit with its national wireless service and PureFibre residential networks.

The company launched its Telus SmartHome Security and Secure Business last year.

Telus estimates that it added more than 12,000 new customers in its security business in the third quarter, bringing its total security subscriber base to about 100,000 prior to the ADT acquisition.

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The ADT deal is expected to close in the fourth quarter, pending regulatory approval and other customary closing conditions.

This report by The Canadian Press was first published Oct. 1, 2019.

Companies in this story: (TSX:T)

The Canadian Press