Private equity major EQT announced that it will exit its remaining stake in TELUS Digital, a customer experience and digital services firm, for about $215 million.
In a statement, EQT said it supports TELUS Corporation’s proposed acquisition of TELUS Digital, marking the close of a nearly decade-long investment.
EQT first invested in the business in 2016, helping transform it from a traditional outsourcing operation into a global provider of customer experience, digital transformation, and artificial intelligence services.
During EQT’s ownership, TELUS Digital completed a string of acquisitions, including Voxpro, Lionbridge AI, Playment, and WillowTree, which expanded its expertise in digital product design, content moderation, and AI solutions.
The company grew its workforce by more than 250% to about 78,000 employees across 30 countries, while earnings before interest, tax, depreciation, and amortisation rose more than fivefold, per the announcement.
The private equity firm sold a large portion of its holdings during TELUS Digital’s 2021 IPO and subsequent follow-on offering, when the company’s enterprise value had expanded by around six times. It later trimmed its position through additional sell-downs.
Janice Leow, partner in EQT Private Capital Asia and head of the Southeast Asia team, said “full integration with TELUS Corporation will create new opportunities for TELUS Digital to accelerate its innovation and long-term development.”
The exit comes as EQT has raised more than $10 billion for its latest flagship fund dedicated to investments in Asia, drawing nearer to the first close.
BPEA Private Equity Fund IX was launched in August 2024 with a target of $12.5 billion and a hard cap of $14.5 billion.
The PE giant also agreed to sell Australian digital and IT services provider Nexon Asia Pacific to Adamentem Capital for an undisclosed amount.
