Verizon Communications to Sell Ownership Interest in TELUS

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NEW YORK - Verizon Communications (NYSE:VZ) announced plans to offer for sale its 20.5 percent minority ownership interest in Canada-based TELUS Corp. (TSX:T, NYSE:TU).

Verizon has engaged Merrill Lynch, Morgan Stanley and RBC Capital Markets as managing underwriters to sell its 48,551,972 common shares and 24,942,368 non-voting shares in a transaction that is being registered with the appropriate securities authorities in the United States and Canada. It is anticipated that marketing efforts will begin immediately and sales to the public will commence by early next week.

Verizon owns 25.1 percent of TELUS' common voting shares and 15.1 percent of its non-voting shares, for a combined ownership of 20.5 percent. TELUS, based in Vancouver, British Columbia, is the largest telecommunications company in Western Canada and the second largest in Canada.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. A written prospectus relating to these securities may be obtained from:

    Merrill Lynch - call the Prospectus Department, in U.S. at (212) 449-1000 or in Canada at (416) 369-7400; in U.S., write to Merrill Lynch, Pierce, Fenner & Smith Inc., 4 World Financial Center, FL 05, New York, NY 10080; in Canada, write to Merrill Lynch Canada Inc., 181 Bay Street, Suite 400, Toronto, Ontario M4T 2A9.

    Morgan Stanley - in U.S., call (212) 761-4000, or write to Attn: Prospectus Department, Morgan Stanley, 1585 Broadway, New York, NY 10036; in Canada, call (416) 943-8567, or write to Morgan Stanley Canada Limited, 181 Bay Street, Suite 3700, Toronto, Ontario M5J 2T3.

    RBC Capital Markets - in Canada, call (416) 842-7588; in U.S., call (612) 371-2818, or write to Syndicate Department, Dain Rauscher Plaza 60 S, 6th Street, Minneapolis, MN 55402.

Verizon Communications Inc.

Verizon Communications Inc. (NYSE:VZ) is one of the world's leading providers of communications services. With a diverse work force of approximately 208,000, Verizon has four business units: Domestic Telecom serves customers based in 29 states with wireline telecommunications services, including broadband, nationwide long-distance and other services. Verizon Wireless owns and operates the nation's most reliable wireless network, serving 42.1 million voice and data customers across the United States. Information Services operates directory publishing businesses and provides electronic commerce services. International includes wireline and wireless operations and investments, primarily in the Americas and Europe. For more information, visit


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