Shares of security systems and services giant ADT (ADT) - Get Report gained on Tuesday after the company said it is selling off its "capital intensive" Canadian operations to Canadian telecommunications giant Telus (TU) - Get Report for some $500 million (C$700 million) in cash.
Shares of ADT gained around 4% in morning trading after the company said it is selling off its Canadian subsidiary to focus more on "higher margin opportunities in the U.S., where we can more efficiently invest our time and resources," ADT CEO Jim DeVries said.
Telus is a Canadian national telecommunications company that provides telecommunications services including wireless, internet, entertainment, healthcare, video, and IPTV television. It also operates one of Canada's larger mobile networks.
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