Vancouver-based Telus Corp. (TSX:T) has acquired Markam, Ontario-based Black's Photo Corp. for $28 million.
Telus bought Black's from ReichmannHauer Capital Partners, a Toronto-based private equity firm that acquired Black's from Fuji Film Canada in 2007.
The acquisition aims to help Telus expand the distribution of its various wireless products and services across Canada, especially in Ontario. Following the deal, Black's stores will add Telus wireless products in 113 locations across the country.
Ethel Taylor, president of Black's will continue as president and general manager.
Telus' share price range during the past week: between $32.94 and $34.43; 52-week high: $43.66; 52-week low: $29.12.