VANCOUVER – Telus Corporation yesterday announced it has entered into an agreement to buy LifeWorks, a digital and in-person wellbeing solutions provider, for a total offer consideration of around $2.3 billion and the assumption of approximately $600 million of net debt, subject to required approvals.
The acquisition will see Telus Health add LifeWork’s employee and family assistance program and benefits administration capabilities to its existing suite of digital health technologies, a press release explains.
It also “adds significant scale to Telus Health, with combined annual revenue of approximately $1.6 billion, underpinning continued strong growth and profitability,” the release says. The combined organization has thousands of corporate clients in over 160 countries including Canada and the U.S.
“The Transaction represents an exciting new chapter for LifeWorks,” said Stephen Liptrap, president and CEO of LifeWorks, in the press release. “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.”
“We look forward to welcoming LifeWorks employees and customers into our Telus Health family,” said Darren Entwistle, president and CEO of Telus, adding the “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 wellness platform covering more than 50 million lives.”
Entwistle went on to say: “Customers will benefit from our team’s steadfast focus on providing exceptional customer experiences over our world-leading broadband networks, our consolidated engineering talent that will incorporate best-in-class data platform technologies to positively impact health outcomes for employees and their families, and our significantly expanded economies of scope and scale. This includes complementing LifeWork’s international relationships with Telus International’s proven expertise in digital transformation and client service excellence, as well as their expansive client base and delivery teams spanning 28 countries, to extend our offerings to customers well beyond Canada.”
“This transaction is financially compelling and strategically attractive to Telus, and a natural complement to Telus Health, significantly accelerating our vision of advancing employer-based healthcare, increasing access to high-quality, proactive healthcare and mental wellness for employees,” added Doug French, executive vice-president and CFO of Telus.
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