Telus (T) announced it’s engaged TD and Jefferies as advisors in the monetization strategy of its health unit, which continues to grow the top-line while leaning out its cost structure.

The news, along with its insider buying PR earlier this week, are clearly aimed at easing investor concerns over leverage and dividend sustainability…

… so the setup to sell looks less opportunistic than its digital unit monetization in 2021. Despite that, private capital will line up at the right price - which should land well above where Telus currently trades.

With management looking for a ~$2B cheque…

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We would bring in a partner that would easily, in this scenario, bring in $1-3 billion if that was the case.

Doug French (CFO) - Nov’25 Desjardins Conference

… a deal could be within GTCR’s wheelhouse, given they just took dentalcorp private at $2.2B and helped fund Telus’ Workplace Options deal in May.

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