TELUS Corp is spending $2.3 billion to make this acquisition

Telus Corporation (NYSE: TU) has announced a definitive agreement with LifeWorks Inc., under which it will purchase all outstanding and issued LifeWorks common shares at $33 per share. The offer represents a total of around $2.3 billion-plus net debt assumption of about $600 million. Closing the deal is subject to the regulatory, stock exchange, and LifeWorks shareholders’ approvals.

TELUS to pay for the acquisition combination of its common stock and cash

LifeWorks CEO and President Stephen Liptrap commented:

 The acquisition price will be paid in a mix of cash and common shares, pro-rated so that the total consideration would be payable in 50% cash and 50% TELUS common shares. The $33.00 offer price per LifeWorks common share represents an 89% premium to the volume-weighted average selling price of LifeWorks common shares for the Twenty days of trading ending June 14, 2022. CEO and President of TELUS Darren Entwistle said:

Deal to help LifeWorks advance vision of employer-based healthcare

The transaction is appealing financial and strategically compelling for Telus and its natural choice for TELUS Health. It accelerates LifeWorks' objective of developing employer-based healthcare and boosting access to quality, active healthcare, including mental well-being for employees. TELUS EVP and CFO Doug French stated: