RE:Stock DilutionTelus indicated in its most recent earnings call that they already acquired about 10% of Lifework's shares so about 3 million of the 36 million shares is basically going to themselves.
Telus is not necessarily issuing net new additional shares. It could be providing existing shares from its corporate treasury.
Even if Telus is issuing net new additional shares, the overall shares aren't really being diluted when you take into consideration the positive revenue and earnings that's being generated by Lifeworks (consolidated revenue and adjusted EBITDA of over $1 billion and $195 million in 2021) which will now being added to Telus' overall financials.
The bigger discussion point IMO is how much debt Telus is adding and how manageable is it.