- TELUS (T) has agreed to acquire global digital health and wellness provider LifeWorks (TSX:LWRK) for a total of approximately $2.9 billion, including the assumption of $600 million of net debt
- LifeWorks shareholders can elect to receive either $33.00 in cash or 1.06420 common shares of TELUS for each LifeWorks common share held
- The transaction is subject to court and regulatory approvals
- TELUS is a communications technology company
- TELUS Corporation (T) opened trading at C$29.36
TELUS (T) has agreed to acquire global digital health and wellness provider LifeWorks (TSX:LWRK).
TELUS will acquire all of the issued and outstanding common shares of LifeWorks for $33.00 per LifeWorks common share, for a total of approximately $2.3 billion. The transaction also includes the assumption of approximately $600 million of net debt.
“We look forward to welcoming LifeWorks employees and customers into our TELUS Health family,” said Darren Entwistle, President and CEO of TELUS. “Today’s announcement will enable us to combine the respective skills and capabilities of LifeWorks and TELUS Health, creating a globally leading, end-to-end, digital-first employee preventative and mental health and wellness platform covering more than 50 million lives.”
Stephen Liptrap, President and CEO of LifeWorks, added,
“The transaction represents an exciting new chapter for LifeWorks. The combination of TELUS Health and LifeWorks represents an unmatched opportunity to create a leader in employer-focused primary and preventative digital healthcare and mental wellness solutions on a global basis. Our two organizations also have shared values and are leading, purpose-driven organizations committed to improving the lives of people around the world. The fit for the LifeWorks team couldn’t be better.”
The purchase price will be funded with cash and TELUS common shares.
Under the terms of the transaction, LifeWorks shareholders can elect to receive either $33.00 in cash or 1.06420 common shares of TELUS for each LifeWorks common share held.
The transaction is subject to court approval, LifeWorks shareholder approval, exchange and regulatory approvals.
TELUS is a communications technology company with 17 million customer connections spanning wireless, data, IP, voice, television, entertainment, video, and security.
TELUS Health is a leader in digital health technology, providing virtual care, virtual pharmacy, home health monitoring, electronic medical and health records, benefits and pharmacy management, and personal emergency response services.
LifeWorks, formerly known as Morneau Shepell, delivers technology-enabled solutions that help clients support the well-being of their people and build organizational resiliency.
TELUS Corporation (T.TSX) Stock opened trading at C$29.36.
LifeWorks Inc. (LWRK) opened at C$18.20.