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TELUS Corp. To Buy LifeWorks For C$2.3 Bln In Cash And Stock

TELUS Corporation (TU), a Canadian national telecom firm, said on Thursday that it has inked a deal to buy LifeWorks, Inc. for C$33 per share, or C$2.3 billion, and the assumption of net debt of approximately C$600 million.

The cash and stock deal, expected to be closed in the final quarter, will allow the acquirer to pay the 50 percent of the total consideration in cash and remainng 50 percent in TELUS' common shares.

Accordingly, the LifeWorks' shareholders will receive either C$33 in cash or 1.06420 share of TELUS for each LifeWorks' share held.

The offer price of C$33 per share implies a premium of 89 percent to the volume weighted average price of the shares of LifeWorks for the 20 trading days ending June 14.

Acquisition adds major scale to TELUS Health having annual revenue of around C$1.6 billion.

The acquisition is also expected to significantly boost TELUS Health's vision of employer-based healthcare, increasing access to high quality, proactive healthcare and mental wellness for employees.

For 2021, LifeWorks posted consolidated revenues and adjusted EBITDA of over C$1 billion and C$195 million, respectively, around 6 per cent of TELUS' consolidated revenue, and 3 percent of adjusted EBITDA, reported for 2021.

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