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Dye & Durham buying Telus' financial solutions business for $500 million

Telus sells financial arm

Dye & Durham Ltd. has signed a deal to buy Telus' financial solutions business for $500 million.

The financial solutions business provides a national payment infrastructure that helps people make payments online.

The business also helps connect Canadian financial institutions with lawyers when doing residential real estate transactions.

Dye & Durham chief executive Matt Proud says the deal is consistent with the company's growth strategy and adds significant scale within its Canadian business.

The company also says is has closed its previously announced $1.8-billion senior secured credit facility.

It says it used it repay other debt and finance the Telus acquisition, with the remaining amount be used to finance its continued acquisition strategy, among other things.



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