Telus to Acquire Canadian Digital Mental Health Firm LifeWorks.
MANews-(C)2009-2022
Canada-based communications technology company Telus Corp. (TSX: T) (NYSE: TU) has entered into a definitive agreement to acquire Canada-based mental health and wellbeing firm LifeWorks, Inc. (TSX: LWRK) for CDN 33.00 per LifeWorks common share, the company said.
The deal represents total offer consideration of approximately CDN 2.3bn (USD 1.78bn), and includes the assumption of net debt of approximately CDN 600m, subject to required court, LifeWorks shareholder, stock exchange and regulatory approvals.
All currency values in this news release are in Canadian dollars unless otherwise noted.
The purchase price will be funded with a combination of cash and Telus common shares, subject to pro-ration such that the aggregate consideration will be paid 50% in cash and 50% in Telus common shares.
The offer price of CDN 33.00 per LifeWorks common share implies a premium of 89 % to the volume weighted average price of the common shares of LifeWorks for the 20 trading days ending June 14, 2022.
Closing of the transaction is expected to occur on or about 4Q22.
The definitive agreement between Telus and LifeWorks provides for a non-solicitation covenant on the part of LifeWorks, subject to customary "fiduciary out" provisions, and a right in favour of Telus to match...
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