Category: Canada

Scotiabank Bahamas officially launched its highly anticipated “Ticket to Tokyo” campaign with an exclusive client celebration at OKU Restaurant, transforming the chic venue into a sleek, Tokyo-themed oasis. Guests, including Scotiabank clients and invited partners, were treated to signature cocktails, curated Asian inspired bites and a vibrant atmosphere designed to mirror the excitement and sophistication of Japan’s capital city.

The event served as a thrilling preview of what one lucky Scotiabank credit cardholder and their guest will experience this fall, an all-expenses paid trip to Tokyo, Japan. The campaign reflects Scotiabank’s continued commitment to creating meaningful and memorable experiences for its clients, extending far beyond traditional banking benefits.

“At Scotiabank, we believe in more than just banking, we believe in delighting our clients with experiences that go beyond the benefits of our products and services,” said Roger Archer, VP & District Head at Scotiabank Bahamas. “Our credit cards are designed to match every lifestyle, with features that reward clients for their everyday purchases in ways that truly matter.”

The “Ticket to Tokyo” promotion, which runs from May 19 through July 7, 2025, is open to legal residents of The Bahamas who are 18 years or older. Eligible participants can enter by spending BSD$350 or more on a Scotiabank credit card, with each qualifying transaction earning one entry into the draw. New cardholders can also participate by activating their card and making a qualifying purchase. There is no limit to the number of entries a cardholder can earn, increasing their chances of winning with each eligible transaction.

The grand prize includes roundtrip airfare to Tokyo for two, five days and four nights of hotel accommodation, ground transportation, USD $1,000 in spending money and a curated experience that may include athletic events and cultural excursions. Travel dates for the trip are set for September 13-23, 2025.

Scotiabank offers a wide selection of credit card products that cater to a variety of needs and preferences. Clients can benefit from no annual fees with the Scotiabank Visa card, earn travel points through the Mastercard Aero or Visa AAdvantage cards, enjoy up to 4% cashback with the Mastercard Gold or accumulate Membership Reward Points through American Express for exclusive perks and lifestyle experiences.

Over the years, Scotiabank has taken its cardholders to some of the world’s most prestigious events and destinations, including Formula 1 races in the US, the NBA Finals in Miami, the Miami Open, FIFA World Cup in Australia, and cultural getaways across Greece, Italy, Paris, Oregon, and Budapest. Clients have also enjoyed exclusive concert experiences, including shows by Taylor Swift and Coldplay.

The “Ticket to Tokyo” campaign is the latest in a long line of once in a lifetime opportunities presented by Scotiabank to thank its clients for their loyalty and continued trust.

“This campaign is an extension of our client-centric approach and our goal to deliver value in unique and exciting ways,” added Archer. “We’re proud to reward our credit card clients with a chance to explore one of the world’s most vibrant cities, where ancient tradition and cutting edge innovation come together in unforgettable fashion.”

The winner of the campaign will be announced on July 17, 2025. To learn more or to apply for a Scotiabank credit card, interested persons can visit bs.scotiabank.com or stop by any branch location.

About Scotiabank

Scotiabank’s vision is to be our clients’ most trusted financial partner and deliver sustainable, profitable growth. Guided by our purpose: “for every future,” we help our clients, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With assets of approximately $1.4 trillion (as at April 30, 2025), Scotiabank is one of the largest banks in North America by assets, and trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit www.scotiabank.com and follow us on X @Scotiabank.

Scotiabank Bahamas officially launched its highly anticipated “Ticket to Tokyo” campaign with an exclusive client celebration at OKU Restaurant, transforming the chic venue into a sleek, Tokyo-themed oasis. Guests, including Scotiabank clients and invited partners, were treated to signature cocktails, curated Asian inspired bites and a vibrant atmosphere designed to mirror the excitement and sophistication of Japan’s capital city.

The event served as a thrilling preview of what one lucky Scotiabank credit cardholder and their guest will experience this fall, an all-expenses paid trip to Tokyo, Japan. The campaign reflects Scotiabank’s continued commitment to creating meaningful and memorable experiences for its clients, extending far beyond traditional banking benefits.

“At Scotiabank, we believe in more than just banking, we believe in delighting our clients with experiences that go beyond the benefits of our products and services,” said Roger Archer, VP & District Head at Scotiabank Bahamas. “Our credit cards are designed to match every lifestyle, with features that reward clients for their everyday purchases in ways that truly matter.”

The “Ticket to Tokyo” promotion, which runs from May 19 through July 7, 2025, is open to legal residents of The Bahamas who are 18 years or older. Eligible participants can enter by spending BSD$350 or more on a Scotiabank credit card, with each qualifying transaction earning one entry into the draw. New cardholders can also participate by activating their card and making a qualifying purchase. There is no limit to the number of entries a cardholder can earn, increasing their chances of winning with each eligible transaction.

The grand prize includes roundtrip airfare to Tokyo for two, five days and four nights of hotel accommodation, ground transportation, USD $1,000 in spending money and a curated experience that may include athletic events and cultural excursions. Travel dates for the trip are set for September 13-23, 2025.

Scotiabank offers a wide selection of credit card products that cater to a variety of needs and preferences. Clients can benefit from no annual fees with the Scotiabank Visa card, earn travel points through the Mastercard Aero or Visa AAdvantage cards, enjoy up to 4% cashback with the Mastercard Gold or accumulate Membership Reward Points through American Express for exclusive perks and lifestyle experiences.

Over the years, Scotiabank has taken its cardholders to some of the world’s most prestigious events and destinations, including Formula 1 races in the US, the NBA Finals in Miami, the Miami Open, FIFA World Cup in Australia, and cultural getaways across Greece, Italy, Paris, Oregon, and Budapest. Clients have also enjoyed exclusive concert experiences, including shows by Taylor Swift and Coldplay.

The “Ticket to Tokyo” campaign is the latest in a long line of once in a lifetime opportunities presented by Scotiabank to thank its clients for their loyalty and continued trust.

“This campaign is an extension of our client-centric approach and our goal to deliver value in unique and exciting ways,” added Archer. “We’re proud to reward our credit card clients with a chance to explore one of the world’s most vibrant cities, where ancient tradition and cutting edge innovation come together in unforgettable fashion.”

The winner of the campaign will be announced on July 17, 2025. To learn more or to apply for a Scotiabank credit card, interested persons can visit bs.scotiabank.com or stop by any branch location.

About Scotiabank

Scotiabank’s vision is to be our clients’ most trusted financial partner and deliver sustainable, profitable growth. Guided by our purpose: “for every future,” we help our clients, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With assets of approximately $1.4 trillion (as at April 30, 2025), Scotiabank is one of the largest banks in North America by assets, and trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit www.scotiabank.com and follow us on X @Scotiabank.

One of the country’s largest property owners, H&R Real Estate Investment Trust, is up for sale after receiving a hostile takeover offer.

H&R REIT HR-UN-T, which owns $10.5-billion of residential, industrial, retail and office properties, announced on Friday it formed a special committee of independent directors in February to consider its strategic options “after receiving an unsolicited expression of interest.”

The Toronto-based company said in a press release that since February, it has received several other proposals on “potential transactions.”

H&R REIT has hired investment banks and law firms to advise the special committee and the company. The company did not disclose who made offers, and the price of the potential transactions.

The price of H&R REIT units jumped by 15 per cent to $12.25 on the Toronto Stock Exchange after the company released news of the takeover activity. H&R REIT’s market capitalization is $3.3-billion.

“No decision has been made as to whether the REIT should proceed with a potential transaction, nor has any agreement been reached with a counterparty,” H&R REIT said in a press release. “There can be no assurance that the special committee’s process will result in any potential transaction or any other alternative transaction.”

H&R REIT owns properties in Canada and the U.S., and its mix of real estate sets it apart from peers, which tend to specialize in one sector, such as residential apartments, malls or industrial buildings.

Residential properties make up 49 per cent of H&R REIT’s portfolio. The company holds 18 per cent of its assets in industrial and office buildings and 15 per cent in retail real estate.

H&R REIT units trade on the TSX at a discount to their net asset value (NAV), as do units of many domestic REITs. In a report on Friday, analysts Jimmy Shan and Pammi Bir at RBC Capital Markets said potential bidders would likely put a $14.50 per unit NAV on the REIT.

“This will not be an easy transaction as 1) we believe it is unlikely that one buyer is interested in all properties; and 2) the office assets are difficult to underwrite in a largely illiquid market,” said the RBC analysts. “Stating the obvious, there is a better chance that an acceptable bid surfaces in the presence of competition.”

In mid June, RBC Capital Markets hosted investor meetings for H&R REIT chief executive officer Tom Hofstedter and chief financial officer Larry Froom. In a report published on June 18, the analysts said the two executives “provided a rather sober outlook on the state of affairs.”

Three weeks after the investor meetings, H&R REIT publicly announced the strategic review that has been underway for five months.

In 2023, hedge fund K2 & Associates Investment Management Inc. ran a successful activist campaign that put two new trustees on the H&R REIT board. The K2 campaign supported selling H&R’s retail and office building portfolios, steps the company has yet to announced.

The discount between the trading price of domestic real estate companies and the underlying value of their properties has led to several large takeovers in the past year.

In May, the executive chair of InterRent Real Estate Investment Trust, Mike McGahan, offered to acquire the apartment owner for $2-billion with the backing of Singapore sovereign wealth fund GIC.

Last year, New York-based asset manager Blackstone Inc. acquired apartment owner Tricon Residential Inc., which is headquartered in Toronto, for US$3.5-billion.

H&R REIT’s special committee hired National Bank Financial as its financial advisor and Fasken Martineau Dumoulin LLP as legal counsel.

The REIT hired CIBC Capital Markets is its financial advisor, along with law firm Blake, Cassels & Graydon LLP.

TORONTO — Units in H&R Real Estate Investment Trust were up more than 10 per cent after the trust said it is reviewing strategic alternatives after receiving an unsolicited expression of interest.

The trust says the board of trustees formed a special committee of independent trustees in February after receiving the interest.

It adds that the special committee has since received other proposals for potential transactions and is in talks regarding non-binding offers from a number of interested parties.

However, H&R says no decision has been made as to whether the trust should proceed with a potential transaction and that there can be no assurance that the process will result in a deal.

H&R holds a portfolio of residential, industrial, office and retail properties in Canada and the United States.

Units in the trust were up $1.53 at $12.16 in late-morning trading on the Toronto Stock Exchange, though still off the more than $25 they often traded at during the 2010s.

This report by The Canadian Press was first published July 4, 2025.

Companies in this story: (TSX:HR.UN)

The Canadian Press

Basra’s M&A work includes representing buyers and sellers alike on takeover bids, plans of arrangement, and corporate reorganizations. 

In the capital markets arena, he guides issuers and underwriters in navigating initial public offerings, secondary offerings, and new issues involving equity and debt securities in both Canadian and US markets. 

Basra also advises on disclosure obligations, regulatory compliance, corporate governance, and domestic and cross-border transactions. 

His clients include public and private companies such as startups, private equity funds, investment banks, and multinational issuers listed on the Toronto Stock Exchange, TSX Venture Exchange, and New York Stock Exchange. 

Basra handles major transactions in numerous industries and sectors, including energy, transportation, construction, and waste management. 

(MENAFN– Newsfile Corp)
Toronto, Ontario–(Newsfile Corp. – July 3, 2025) – Lithium ION Energy Limited (TSXV: ION) (FSE: Z4A) (” ION ” or the ” Company “) announces that it has closed its previously announced debt settlements with certain non-arm’s length creditors (the ” Debt Settlement “). Pursuant to the Debt Settlement, the Company has settled an aggregate amount of $120,000 in debt in consideration for which it issued an aggregate of 3,000,000 common shares of the Company at a deemed price of $0.04 per share.

All securities issued in relation to the Debt Settlement are subject to a hold period expiring four months and one day after the date of issuance in accordance with applicable securities laws and the policies of the TSX Venture Exchange (the ” TSXV “). The Debt Settlement remains subject to the final approval of the TSXV.

The Company is pleased to provide an update regarding its strategic partnership for the advancement of the Urgakh Naran (“UN”) project in Mongolia. The Company entered into a binding Joint Venture Agreement with SureFQ Ltd. effective March 26, 2025, under which ION will retain a 20% free carried interest in the project through commercial production in exchange for USD$5.5 million in cash consideration to ION over 4.5 years and $USD 8M in development expenditures on the UN project over 4 years. As the transaction constitutes more than 50% of the Company’s assets the Company will be seeking shareholder approval at its Annual General Meeting to be held August 26, 2025, in accordance with TSX-V policy.

Related Party Transaction

In connection with the Debt Settlement, certain insiders of the Company were issued an aggregate of 3,000,000 shares. The acquisition of the shares by insiders in connection with the Debt Settlement is considered a “related party transaction” pursuant to Multilateral Instrument 61-101- Protection of Minority Security Holders in Special Transactions (” MI 61-101 “) requiring the Company, in the absence of exemptions, to obtain a formal valuation for, and minority shareholder approval of, the “related party transaction”. The Company is relying on an exemption from the formal valuation requirements of MI 61-101 available because no securities of the Company are listed on specified markets, including the TSX, the New York Stock Exchange, the American Stock Exchange, the NASDAQ or any stock exchange outside of Canada and the United States other than the Alternative Investment Market of the London Stock Exchange or the PLUS markets operated by PLUS Markets Group plc. The Company is also relying on the exemption from minority shareholder approval requirements set out in MI 61-101 as the fair market value of the participation in the Debt Settlement by the insiders does not exceed 25% of the market capitalization of the Company, as determined in accordance with MI 61-101. The Company did not file a material change report in respect of the related party transaction at least 21 days before the closing of the Debt Settlement as the Company wished to close the Debt Settlement in an expeditious manner.

About Lithium ION Energy Ltd.

Lithium ION Energy Ltd. (TSXV: ION) (FSE: Z4A) is committed to exploring and developing high quality lithium resources in strategic jurisdictions. ION is focused on advancing the 29,000+ hectare Urgakh Naran highly prospective lithium brine licence in Dorngovi Province in Mongolia. ION is well-poised to be a key player in the clean energy revolution, positioned well to service the world’s increased demand for lithium. Information about the Company is available on its website, , or under its profile on SEDAR+ at .

About SureFQ Ltd

SureFQ is dedicated to advancing innovative and sustainable solutions in the lithium and energy sectors. As a strategic investment and development firm, SureFQ focuses on fostering high-potential projects that drive the global energy transition. Leveraging SureFQ’s extensive industry expertise and technological capabilities, SureFQ plays a pivotal role in accelerating lithium resource development and deploying cutting-edge extraction technologies. Through its partnerships and investments, SureFQ is committed to ensuring a stable and efficient supply of critical materials for the clean energy revolution.

For further information:

COMPANY CONTACT: Ali Haji, … , 647-871-4571
COMPANY CONTACT: Hao Qu, …

Cautionary Note Regarding Forward-Looking Information

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Information set forth in this news release contains forward-looking statements. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including with respect to the proposed business combination and the Company’s operations after completion thereof, and other words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company’s objectives, goals or future plans, statements, including with respect to the entering into of the proposed joint venture with SureFQ and the Company’s operations after the completion thereof. Important factors that could cause actual results to differ materially from ION Energy’s expectations include, among others, regulatory approvals, the ability to negotiate and implement definitive agreements, uncertainties relating to availability and costs of financing needed in the future, changes in equity markets, risks related to international operations, the actual results of current exploration activities, delays in the development of projects, conclusions of economic evaluations and changes in project parameters as plans continue to be refined as well as future prices of lithium, and the ability to predict or counteract other factors relevant to the Company’s business. There can be no assurance that forward-looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

To view the source version of this press release, please visit

SOURCE: Lithium ION Energy Limited

MENAFN03072025004218003983ID1109758771

VANCOUVER, BC / ACCESS Newswire / July 3, 2025 / Goldgroup Mining Inc. (“Goldgroup” or the “Company”) (TSXV:GGA)(OTCID:GGAZF) is pleased to report that it has closed the previously announced acquisition of a 100% interest in the fully permitted for construction Pinos gold/silver project located in the highly productive Zacatecas gold and silver mining belt. Zacatecas is the second largest mining state in Mexico and the location of several world-renowned operations including Newmont’s Peñasquito and Capstone’s Cozamin mines. (See new releases dated March 7, 2025, January 16, 2025, and August 14, 2024).

Pinos comprises 30 contiguous mining concessions over 3,816 hectares and hosts low-sulphidation epithermal gold and silver vein systems within primary structures related to major regional shears, including multiple high-grade vein structures. Additionally, there is a larger-scale mineralized stockwork target with open-pit potential. Historical production records from 1900 to 1942 show high grade ore being shipped from Pinos with grades ranging up to 80 g/t gold (September 2018 NI 43-101 Preliminary Economic Assessment available atSedar.com on profile of Candelaria Mining Corp.). The project benefits from excellent infrastructure with paved road access to the site, available power and water, and proximity to skilled labor and mining services.

Ralph Shearing, CEO, commented, “We recognized Pinos as a unique opportunity to acquire a largely de-risked, fully permitted, past producing underground gold mine offering published resources, development potential and exploration upside. Our team excels at recognizing quality undervalued assets and advancing them to their full potential, and we look forward to achieving this with Pinos.”

The Company’s immediate plan for the Pinos asset is to update the 2018 Preliminary Economic Assessment (PEA) with the objective of determining potential economics in the current robust gold and silver market and thereafter, advancing the project towards a production decision.

The 2018 PEA was based solely on the Cinco Estrellas vein, which is open in all directions. In addition, there are multiple other vein targets existing on the project, all presenting significant resource expansion potential. A near mine drill campaign is being planned to assess resource expansion and test additional exploration targets

The Company has received approval from the TSX-V for the Pinos acquisition and the transaction is now closed.

About Goldgroup Mining Inc.

Goldgroup Mining is a Canadian-based mining company operating the Cerro Prieto heap-leach gold mine in Sonora, Mexico. In addition to its producing asset, the company has acquired a 100% interest in the Pinos Project, a fully permitted, high-grade gold deposit with a completed Preliminary Economic Assessment (PEA). The company is led by a team of seasoned professionals with extensive expertise in mine development, corporate finance, and exploration in Mexico.

Ralph Shearing, PGeol. (Alberta) a qualified person under NI 43-101 and, CEO of the Company, has reviewed and approved the technical disclosure contained in this news release.

For further information on Goldgroup, please visit www.goldgroupmining.com

On behalf of the Board of Directors

Ralph Shearing

CEO

+1 (604) 764-0965

Sophia Shane

Investor Relations

+1 (604) 306 6867

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION

Certain information contained in this news release, including any information relating to future financial or operating performance, may be considered “forward-looking information” (within the meaning of applicable Canadian securities law) and “forward-looking statements” (within the meaning of the United States Private Securities Litigation Reform Act of 1995). These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Actual results could differ materially from the conclusions, forecasts and projections contained in such forward-looking information.

These forward-looking statements reflect Goldgroup’s current internal projections, expectations or beliefs and are based on information currently available to Goldgroup. In some cases forward-looking information can be identified by terminology such as “may”, “will”, “should”, “expect”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “projects”, “potential”, “scheduled”, “forecast”, “budget” or the negative of those terms or other comparable terminology. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.

Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to materially differ from those reflected in the forward-looking information, and are developed based on assumptions about such risks, uncertainties and other factors including, without limitation: receipt of all required stock exchange and regulatory approvals in connection with the Private Placement and the business of the Company; the completion of the Private Placement as planned; the proposed use of proceeds raised pursuant to the Private Placement and the Company’s plans at the Cerro Prieto project; the scope, duration and impact of the COVID-19 pandemic; the scope, duration and impact of regulatory responses to the pandemic on the employees, business and operations; uncertainties related to actual capital costs operating costs and expenditures; production schedules and economic returns from Goldgroup’s projects; uncertainties associated with development activities; uncertainties inherent in the estimation of mineral resources and precious metal recoveries; uncertainties related to current global economic conditions; fluctuations in precious and base metal prices; uncertainties related to the availability of future financing; potential difficulties with joint venture partners; risks that Goldgroup’s title to its property could be challenged; political and country risk; risks associated with Goldgroup being subject to government regulation; risks associated with surface rights; environmental risks; Goldgroup’s need to attract and retain qualified personnel; risks associated with potential conflicts of interest; Goldgroup’s lack of experience in overseeing the construction of a mining project; risks related to the integration of businesses and assets acquired by Goldgroup; uncertainties related to the competitiveness of the mining industry; risk associated with theft; risk of water shortages and risks associated with competition for water; uninsured risks and inadequate insurance coverage; risks associated with potential legal proceedings; risks associated with community relations; outside contractor risks; risks related to archaeological sites; foreign currency risks; risks associated with security and human rights; and risks related to the need for reclamation activities on Goldgroup’s properties, as well as the risk factors disclosed in Goldgroup’s Annual Information Form and MD&A. Any and all of the forward-looking information contained in this news release is qualified by these cautionary statements.

Although Goldgroup believes that the forward-looking information contained in this news release is based on reasonable assumptions, readers cannot be assured that actual results will be consistent with such statements. Accordingly, readers are cautioned against placing undue reliance on forward-looking information. Goldgroup expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, events or otherwise, except as may be required by, and in accordance with, applicable securities laws.

SOURCE: Goldgroup Mining, Inc.

View the original

press release

on ACCESS Newswire

In a market where tech investors are increasingly searching for asymmetric risk-reward opportunities, Telus International (Canada) Inc. TIXT-T has emerged as an intriguing candidate.

In June, 2025, Telus Corporation TU-N proposed to acquire the 42.6 per cent of Telus International – also known as Telus Digital – it doesn’t already own for US$3.40 per share. However, Telus International’s stock is currently trading at a premium to this offer, signalling market anticipation of a higher final price.

Telus International offers a special situation: A solid floor supported by a credible acquisition offer, paired with a reasonable probability of a revised, higher bid.

Telus International is a digital services and customer experience outsourcing firm with a presence in over 30 countries. It offers a combination of digital IT services, traditional business process outsourcing services, AI data annotation and content moderation – capabilities that support not only third-party clients such as Google, but also Telus Corp.’s T-T growing health care, agriculture and telecom divisions.

Telus International’s 2021 initial public offering on the Toronto Stock Exchange was one of the largest tech IPOs in the TSX’s history, priced at US$25 per share. Since then, however, the stock has experienced a significant decline, a result of both broader market conditions and internal missteps. This precipitous drop in share price exemplifies what Benjamin Graham, the father of value investing, famously described as the “manic-depressive” nature of Mr. Market, whose moods can swing wildly and often irrationally.

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Telus International’s underlying health isn’t as bleak as the market might suggest. For 2025, the firm projects revenues of around US$2.7-billion and adjusted EBITDA of approximately US$400-million. After a period of macroeconomic challenges, the company’s key markets are showing signs of recovery, which should lead to higher revenues and earnings going forward. Artificial intelligence also presents a significant opportunity as Telus International plays a key role in enabling AI solutions for its clients.

From Telus Corp.’s perspective, full control of Telus International is strategically important. In a statement, Darren Entwistle, Telus Corp.’s CEO, said this transaction enables enhanced AI capabilities and SaaS transformation across its lines of business, including health care, agriculture, telecom and customer service. Telus Corp. has repeatedly emphasized the importance of digital transformation in its earnings calls which makes Telus International a “must-have” asset, not merely a financial investment.

Yet, Telus Corp.’s current offer significantly undervalues Telus International, proposing multiples of just 0.8 times revenue and 5.7 times adjusted EBITDA. These figures stand notably below valuations observed in comparable industry transactions. For instance, in May 2025, TaskUs, a close peer to Telus International, was taken private at 1.4 times revenue and nearly seven times adjusted EBITDA. Similarly, in August 2023, Majorel was acquired for 1.4 times revenue and eight times adjusted EBITDA.

Opinion: Telus fails to deliver on Entwistle’s IPO-based growth strategy

We contend that a 7-8 times adjusted EBITDA multiple is more appropriate for Telus International. This is not only justified by recent peer transactions, but also by the fact that Telus International represents a higher-quality business than many of its direct peers.

Telus International has a strong presence in the growing digital IT transformation segment, a capability significantly bolstered by its acquisition of WillowTree (at an estimated 20 times EV/EBITDA). Moreover, the prevailing cyclical upturn within the industry provides additional justification for a premium valuation.

This situation is a bellwether for how Canadian companies manage the relationship between parent firms and publicly traded subsidiaries. If controlling shareholders can privatize undervalued assets with minimal oversight or resistance, it erodes confidence in the fairness of the market.

Telus has long stood for excellence in Canadian telecommunications. Now, it has an opportunity – and an obligation – to extend that reputation to corporate governance. While Telus Corp. holds over 85 per cent of voting rights, the board of Telus International has established a special committee of independent directors to evaluate the proposal. Their fiduciary responsibility is to minority shareholders and not the parent company.

The disparity in Telus International’s valuation versus peers is also unlikely to go unnoticed, particularly by institutional shareholders or proxy advisory firms which have an increasing say on how minority shareholders vote their shares.

For investors buying Telus International stock today, the downside is limited by the current US$3.40 takeout offer, which provides a soft floor. But if the board negotiates an improved offer – say to US$5.00-7.00, which would be more in line with peer EV/EBITDA multiples – investors potentially stand to make substantial gains.

Telus International’s current pricing reflects a special situation in transition – a deal that makes sense for the parent, but not yet for minority holders. Whether driven by the board’s negotiation, shareholder advocacy or external pressure, the odds of a revised bid are meaningful – and that makes the stock worth a close look for investors with a taste for catalyst-driven value.

Balkar Sivia is the founder and portfolio manager of White Falcon Capital Management Ltd. (www.whitefalconcap.com)

Disclosure: The author and the accounts he manages at White Falcon own shares in Telus International.