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TELUS to Acquire LifeWorks Inc to Boost Its Employer-Focused Healthcare Offering

The world’s leader in digital and in-person health and wellbeing provider, LifeWorks, announced that it has entered into a binding agreement with TELUS, a global leader in communications technology.

“We have, with the assistance of our financial and legal advisors, conducted a thorough evaluation of TELUS’ proposal along with a comprehensive process focused on maximizing value for LifeWorks’ shareholders, while taking into consideration the interest of all stakeholders. We are pleased to announce this Transaction, which is an excellent outcome for LifeWorks’ shareholders, and for our clients, partners, employees and other stakeholders.”

Robert Courteau, Chair of the Board

“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 wellness solutions on a global basis. Together, we will accelerate our shared vision of empowering individuals to live their healthiest lives by unifying the continuum of care through digital-first innovations, as well as our unmatched in-person care. 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.”

Stephen Liptrap, President and CEO, LifeWorks

LifeWorks shareholders will have the option to elect to receive

C$33.00 per LifeWorks share in cash (“Cash Consideration”); or
1.0642 TELUS shares per LifeWorks share, representing share consideration of C$33.00 based on the 20-day volume weighted average price of TELUS shares on the Toronto Stock Exchange (“TSX”) ending on June 14, 2022 (“Share Consideration”); or
C$16.50 in cash plus 0.5321 TELUS shares per LifeWorks share, representing 50% Cash Consideration and 50% Share Consideration (“Combination Consideration”);
Elections to receive the Cash Consideration or the Share Consideration will be subject to proration to ensure aggregate Cash Consideration and Share Consideration each represent 50% of the total transaction consideration.

“We look forward to welcoming LifeWorks employees and customers into our TELUS Health family. 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. 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 LifeWorks’ 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. Indeed, at TELUS Health, our mission is predicated on the belief that we can build a healthier future for people around the world by leveraging the power of technology, in combination with our caring culture, to promote collaboration and efficiency, and create better health experiences across the entire health ecosystem. This is particularly crucial in the post-pandemic era, where employers and their employees are struggling with mental health and well-being concerns. In this regard, our combined organizations, guided by a shared set of values, will provide employers with simple, convenient and effective, data-driven primary and preventive care solutions for employees and their families to proactively manage their health and wellness, including their mental health, so that they can lead their healthiest and most productive professional and personal lives.”

Darren Entwistle, President and CEO of TELUS

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