October 1, 2019 / 2:11 PM / 12 days ago

Telus to acquire ADT Canada assets for C$700 million

FILE PHOTO: A Telus Corporation sign is pictured in Ottawa, Ontario, Canada, November 8, 2017. REUTERS/Chris Wattie

(Reuters) - Telus Corp (T.TO) said on Tuesday it would buy home security provider ADT Inc’s (ADT.N) Canadian operations for C$700 million ($527.27 million), as the telecommunications provider builds out its security business.

The Canadian company last year launched its smarthome security and secure businesses and expects to add more than 12,000 new customer to its security business in the third quarter.

ADT Canada provides security and automation solutions to a customer base of about 500,000 and reported revenue of $229 million in 2018.

The deal with ADT Canada is expected to close in the fourth quarter, the company said.

Reporting by Arundhati Sarkar in Bengaluru; Editing by Sriraj Kalluvila

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