Telus Corp. (TSX:T) is expanding its IT services across Canada with a $763 million acquisition of Montreal's Emergis (TSX:EME), an information technology company focused in the health-care sector.
The Vancouver-headquartered telecom will pay $8.25 cash per Emergis share, which represents a 17% premium on Emergis' closing price over the past 30 days.
The deal will expand Telus' commercial customer base and its share of Canada's health-care management systems market. It has the unanimous support of Emergis' board and the company's largest shareholders, who represent 22% of all shares outstanding.
Emergis automates transactions and the secure exchange of information, primarily for the health care and financial sectors. Emergis, which employs 1,100 people across Canada, reported 2006 revenue of $170 million.
Telus' share price range during the past week: between $47.27 and $48.91; 52-week high: $66.45; 52-week low: $47.