Telus says to buy Mobilicity for C$380 million

Thu May 16, 2013 9:12am EDT
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TORONTO (Reuters) - Telus Corp (T.TO: Quote), one of Canada's biggest wireless telephone companies, said it will pay C$380 million ($370 million) to acquire Mobilicity, a recent entrant to the industry which helped force prices down but failed to draw many customers.

The privately-held company, known formally as Data & Audio-Visual Enterprises Holdings Inc, had been losing a significant amount of money each month and approached Telus because of its "strong customer focus", Mobilicity said in a statement.

($1 = 1.0177 Canadian dollars)

(Reporting by Alastair Sharp; Editing by Janet Guttsman)