Telus retains TD Securities and Jefferies to monetize healthcare unit

Telus has hired TD Securities and Jefferies to advise on a near-term monetization of Telus Health, saying the process will evaluate all partnership structures and may involve strategic partners.

Telus has retained TD Securities Inc. and Jefferies Securities Inc. to advise on the near-term monetization of its Telus Health division. The company said the advisers will help define strategy and timing and will evaluate all partnership structures. CEO Darren Entwistle described the aim as finding a strategic partner that adds complementary skills, customer reach and economic capacity. Telus has pursued similar arrangements previously as part of efforts to separate and monetize parts of the business. Key facts: - Telus said the process will evaluate all partnership structures and may involve identifying strategic partners. - Telus Health reported operating revenue of $1.5-billion, adjusted EBITDA of $258-million and cash flow of $99-million in the first three quarters of 2025. - Telus previously sold a 35-per-cent stake in Telus Digital to Baring Private Equity Asia in 2016 and later listed that unit publicly in 2021. - Last year Telus sold a 49.9-per-cent stake in its tower unit, Terrion, to the Caisse de dépôt et placement du Québec for $1.2-billion. - Telus expanded its health division through earlier acquisitions including Emergis in 2007, LifeWorks in 2022 for $2.9-billion, and Workplace Options in 2025 for $500-million. Summary: The appointment of TD Securities and Jefferies moves Telus forward on a long-discussed plan to monetize parts of its business and is presented as a way to help deleverage the balance sheet and fund growth. The immediate next step is for the advisers to work with the company on a strategy and timeline; the exact structure and timing of any transaction have not been announced.