Canadian Firm to Buy Clearnet

Telus Corp., a western Canada telephone company, said it plans to buy mobile phone company Clearnet Communications Inc. in a $4.5-billion deal that would create Canada’s second-largest telecommunications company. The deal would position Telus to compete with Bell Canada and Rogers Communications for the growing wireless telephone and Internet markets. Clearnet shareholders would get $47.30 in cash or 1.636 Telus nonvoting shares for each Clearnet share. In the U.S., Clearnet shares jumped $13 to close at $44 on Nasdaq.