{"id":45148,"date":"2022-06-16T13:01:46","date_gmt":"2022-06-16T11:01:46","guid":{"rendered":"https:\/\/pharma-trend.com\/en\/lifeworks-inc-to-be-acquired-by-telus-creating-a-global-leader-in-employer-focused-healthcare\/"},"modified":"2022-06-16T13:01:46","modified_gmt":"2022-06-16T11:01:46","slug":"lifeworks-inc-to-be-acquired-by-telus-creating-a-global-leader-in-employer-focused-healthcare","status":"publish","type":"post","link":"https:\/\/pharma-trend.com\/en\/lifeworks-inc-to-be-acquired-by-telus-creating-a-global-leader-in-employer-focused-healthcare\/","title":{"rendered":"LifeWorks Inc. to be acquired by TELUS creating a global leader in employer-focused healthcare"},"content":{"rendered":"<div>\n<p>\n<b>Highlights<\/b>\n<\/p>\n<p><a href=\"https:\/\/mms.businesswire.com\/media\/20220615006069\/en\/1288308\/5\/LifeWorks-Logo-RGB-FullColour-EN-Std.jpg\"><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20220615006069\/en\/1288308\/21\/LifeWorks-Logo-RGB-FullColour-EN-Std.jpg\"><\/a><\/p>\n<ul class=\"bwlistdisc\">\n<li>\n<i>The C$2.9 billion transaction advances both LifeWorks and TELUS Health strategic plans to create the unparalleled leader in employee wellness<\/i>\n<\/li>\n<li>\n<i>The transaction has received the unanimous approval of LifeWorks\u2019 Board of Directors and is subject to approval by LifeWorks shareholders<\/i>\n<\/li>\n<li>\n<i>LifeWorks shareholders will have option to receive C$33.00 per share in cash, TELUS shares or a 50% \/ 50% mix of both, subject to proration<\/i>\n<\/li>\n<li>\n<i>Premium of 80% to the closing price and 89% to the 20-day volume-weighted-average price, on June 14, 2022 for LifeWorks shareholders<\/i>\n<\/li>\n<\/ul>\n<p>TORONTO&#8211;(BUSINESS WIRE)&#8211;LifeWorks Inc. (TSX: LWRK, \u201cLifeWorks\u201d or the \u201cCompany\u201d), today announced that it has entered into a binding agreement (the \u201cArrangement Agreement\u201d) with TELUS Corporation (TSX: T, NYSE: TU \u201cTELUS\u201d) under which TELUS has agreed to acquire all of the issued and outstanding common shares of LifeWorks (the \u201cTransaction\u201d). Pursuant to the Transaction, LifeWorks shareholders will have the option to elect to receive:\n<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nC$33.00 per LifeWorks share in cash (\u201cCash Consideration\u201d); or\n<\/li>\n<li>\n1.0642 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 (\u201cTSX\u201d) ending on June 14, 2022 (\u201cShare Consideration\u201d); or\n<\/li>\n<li>\nC$16.50 in cash plus 0.5321 TELUS shares per LifeWorks share, representing 50% Cash Consideration and 50% Share Consideration (\u201cCombination Consideration\u201d);\n<\/li>\n<li>\nElections 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.\n<\/li>\n<\/ul>\n<p>\nLifeWorks shareholders who do not elect Cash Consideration or Share Consideration will receive the Combination Consideration.\n<\/p>\n<p>\nThe Transaction represents a premium of 80% and 89% to the closing price and 20-day VWAP, respectively, of LifeWorks\u2019 shares on the TSX as at June 14, 2022. The total transaction value, including net debt, is approximately C$2.9 billion.\n<\/p>\n<p>\nStephen Liptrap, President and CEO, LifeWorks, stated, \u201c<!-- no quote -->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\u2019t be better.\u201d\n<\/p>\n<p>\n\u201c<!-- no quote -->We look forward to welcoming LifeWorks employees and customers into our TELUS Health family,\u201d said Darren Entwistle, President and CEO of TELUS. \u201c<!-- no quote -->Today\u2019s 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\u2019s 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\u2019 international relationships with TELUS International\u2019s 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.\u201d\n<\/p>\n<p>\nLifeWorks\u2019 Board of Directors (the \u201cBoard\u201d) unanimously approved the Arrangement Agreement following a unanimous recommendation of a special committee of independent directors (the \u201cSpecial Committee\u201d) of the Board. Both the Special Committee and the Board determined that the Transaction is in the best interests of the Company and is fair to the shareholders of LifeWorks.\n<\/p>\n<p>\nRobert Courteau, Chair of the Board, commented, \u201c<!-- no quote -->We have, with the assistance of our financial and legal advisors, conducted a thorough evaluation of TELUS\u2019 proposal along with a comprehensive process focused on maximizing value for LifeWorks\u2019 shareholders, while taking into consideration the interest of all stakeholders. We are pleased to announce this Transaction, which is an excellent outcome for LifeWorks\u2019 shareholders, and for our clients, partners, employees and other stakeholders.\u201d\n<\/p>\n<p>\nLifeWorks&#8217; financial advisors, BMO Capital Markets and Goldman Sachs Canada Inc., have each provided an opinion to the Board and the Special Committee that, as of the date thereof and subject to the various assumptions, limitations and qualifications set forth therein, the consideration to be received by shareholders of LifeWorks pursuant to the Transaction is fair, from a financial point of view, to shareholders of LifeWorks (other than TELUS and its affiliates). The full text of each such fairness opinion sets forth the assumptions made, procedures followed, matters considered, qualifications and limitations on the review undertaken in connection with each such opinion. The opinions of BMO Capital Markets and Goldman Sachs Canada Inc. are not recommendations as to whether or not any shareholder of LifeWorks should vote or make any election with respect to the Transaction or any other matter.\n<\/p>\n<p>\n<b>Details of the Transaction<\/b>\n<\/p>\n<p>\nThe Transaction, which is not subject to a financing condition, will be implemented by way of a court-approved plan of arrangement under the <i>Business Corporations Act<\/i> (Ontario) and will require the approval of 66 2\/3% of the votes cast by LifeWorks shareholders at the Special Meeting. In addition to approval by LifeWorks shareholders, the Transaction is also subject to the receipt of court approval, regulatory approvals including competition clearances, and other customary closing conditions for transactions of this nature.\n<\/p>\n<p>\nThe Arrangement Agreement provides for customary deal-protection provisions, including a non-solicitation covenant on the part of LifeWorks and a right for TELUS to match any Superior Proposal (as defined in the Arrangement Agreement). The Arrangement Agreement provides for a termination fee of C$94 million, payable by LifeWorks under specified circumstances, as well as a reverse termination fee of C$140 million, payable by TELUS under other specified circumstances.\n<\/p>\n<p>\nThe directors and senior officers of LifeWorks, owning in aggregate approximately 0.3% of the common shares of LifeWorks, have entered into customary support and voting agreements to vote in favour of the Transaction.\n<\/p>\n<p>\nLifeWorks expects to continue to pay monthly dividends in the ordinary course, consistent with past practice, through closing of the Transaction.\n<\/p>\n<p>\nFurther details regarding the terms of the Transaction are set out in the Arrangement Agreement, which will be publicly filed by LifeWorks under its profile at <a target=\"_blank\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.sedar.com&amp;esheet=52751159&amp;newsitemid=20220615006069&amp;lan=en-US&amp;anchor=www.sedar.com&amp;index=1&amp;md5=683d343a3dd6d9307b2c338319d90692\" rel=\"nofollow noopener\" shape=\"rect\">www.sedar.com<\/a>. Additional information regarding the terms of the Arrangement Agreement, the background to the Transaction, the reasons for the recommendations made by the Special Committee and the LifeWorks Board and how LifeWorks shareholders can participate in and vote at the Special Meeting will be provided in the management information circular for the Special Meeting, which will also be filed at <a target=\"_blank\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.sedar.com&amp;esheet=52751159&amp;newsitemid=20220615006069&amp;lan=en-US&amp;anchor=www.sedar.com&amp;index=2&amp;md5=178c88a8cff415ae7a749c57f8654ddd\" rel=\"nofollow noopener\" shape=\"rect\">www.sedar.com<\/a>. Shareholders are urged to read these and other relevant materials when they become available.\n<\/p>\n<p>\n<b>Advisors and Counsel<\/b>\n<\/p>\n<p>\nBMO Capital Markets and Goldman Sachs Canada Inc. acted as financial advisors and Osler, Hoskin &amp; Harcourt LLP acted as legal counsel to LifeWorks.\n<\/p>\n<p>\nCIBC World Markets is acting as financial advisor to TELUS. Stikeman Elliott LLP is acting as legal counsel to TELUS and Clifford Chance LLP is advising on foreign legal matters.\n<\/p>\n<p>\n<b>Conference call<\/b>\n<\/p>\n<p>\nTELUS and LifeWorks will hold a joint conference call scheduled for <b>June 16, 2022 at 8:00 a.m. (Eastern)<\/b> and will feature a presentation to discuss the Transaction, followed by a question and answer period with investment analysts. Interested parties, including media and others, can access the webcast and presentation at telus.com\/investors.\n<\/p>\n<p>\n<b>Conference call details:<\/b>\n<\/p>\n<p>\nDial-in toll-free: 1-855-353-9183<br \/>\n<br \/>Dial-in overseas: 1-403-532-5601<br \/>\n<br \/>Participant code: 64600#\n<\/p>\n<p>\nAn audio recording will be available approximately 60 minutes after the call until August 15, 2022 at 1-855-201-2300. Please quote conference access code 64600# and playback access code 0112420#. An archive of the webcast will also be available at telus.com\/investors and a transcript will be posted on the website within a few business days.\n<\/p>\n<p>\n<b>About LifeWorks<\/b>\n<\/p>\n<p>\nLifeWorks is a world leader in providing digital and in-person solutions that support the total wellbeing of individuals \u2013 mental, physical, financial and social. As the trusted leader in mental health and wellbeing, LifeWorks delivers a personalized continuum of care that helps our clients improve the lives of their people and by doing so, improve their business. Guided by our purpose to improve lives and improve business, we help our clients improve the wellbeing of their people, we help them improve workforce engagement and productivity, thereby improving the performance of our clients\u2019 organizations. LifeWorks is a publicly traded company on the Toronto Stock Exchange (TSX: LWRK). The Company has approximately 7,000 employees, 25,000 clients, and serves 36 million individuals and their families around in more than 160 countries.\n<\/p>\n<p>\n<b>About TELUS Corporation<\/b>\n<\/p>\n<p>\nTELUS (TSX: T, NYSE: TU) is a dynamic, world-leading communications technology company with $17 billion in annual revenue and 17 million customer connections spanning wireless, data, IP, voice, television, entertainment, video, and security. Our social purpose is to leverage our global-leading technology and compassion to drive social change and enable remarkable human outcomes. Our longstanding commitment to putting our customers first fuels every aspect of our business, making us a distinct leader in customer service excellence and loyalty. The numerous, sustained accolades TELUS has earned over the years from independent, industry-leading network insight firms showcase the strength and speed of TELUS\u2019 global-leading networks, reinforcing our commitment to provide Canadians with access to superior technology that connects us to the people, resources and information that make our lives better.\n<\/p>\n<p>\nTELUS Health is Canada\u2019s leader in digital health technology, improving access to health and wellness services and revolutionizing the flow of health information across the continuum of care. TELUS Agriculture provides innovative digital solutions throughout the agriculture value chain, supporting better food outcomes from improved agri-business data insights and processes. TELUS International (TSX and NYSE: TIXT) is a leading digital customer experience innovator that designs, builds, and delivers next-generation solutions, including AI and content moderation, for global and disruptive brands across high-growth industry verticals, including tech and games, communications and media and ecommerce and FinTech. TELUS and TELUS International operate in 28 countries around the world.\n<\/p>\n<p>\nDriven by our determination and vision to connect all citizens for good, our deeply meaningful and enduring philosophy to give where we live has inspired TELUS, our team members and retirees to contribute more than $900 million, in cash, in-kind contributions, time and programs, and 1.8 million days of service since 2000. This unprecedented generosity and unparalleled volunteerism have made TELUS the most giving company in the world. Together, let\u2019s make the future friendly.\n<\/p>\n<p>\nFor more information about TELUS, please visit <a target=\"_blank\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fcan01.safelinks.protection.outlook.com%2F%3Furl%3Dhttp%253A%252F%252Fwww.telus.com%252F%26data%3D05%257C01%257Cheather.macdonald%2540lifeworks.com%257Cb4770590141348a0c9f908da4f0b92ce%257C7565b51c5e8748ebbc80252b20bc1ade%257C1%257C0%257C637909208443041864%257CUnknown%257CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%253D%257C3000%257C%257C%257C%26sdata%3DER3b%252BPpFHbJJlPeeo22lN2zteTbTdQOSuTM3FyFvMQ8%253D%26reserved%3D0&amp;esheet=52751159&amp;newsitemid=20220615006069&amp;lan=en-US&amp;anchor=telus.com&amp;index=3&amp;md5=2905f44a11a96726e5da7a95920dfe4a\" rel=\"nofollow noopener\" shape=\"rect\">telus.com<\/a>, follow us <a target=\"_blank\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fcan01.safelinks.protection.outlook.com%2F%3Furl%3Dhttps%253A%252F%252Ftwitter.com%252Ftelusnews%253Flang%253Den%26data%3D05%257C01%257Cheather.macdonald%2540lifeworks.com%257Cb4770590141348a0c9f908da4f0b92ce%257C7565b51c5e8748ebbc80252b20bc1ade%257C1%257C0%257C637909208443041864%257CUnknown%257CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%253D%257C3000%257C%257C%257C%26sdata%3Dz896iMNnzueGpkZQVxhCoQmyXyfv%252FPSrRxxCIiFkL5w%253D%26reserved%3D0&amp;esheet=52751159&amp;newsitemid=20220615006069&amp;lan=en-US&amp;anchor=%40TELUSNews&amp;index=4&amp;md5=113ce70bc19032a3950f4dc7d0cbfac4\" rel=\"nofollow noopener\" shape=\"rect\">@TELUSNews<\/a> on Twitter and <a target=\"_blank\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fcan01.safelinks.protection.outlook.com%2F%3Furl%3Dhttps%253A%252F%252Fwww.instagram.com%252Fdarren_entwistle%252F%253Fhl%253Den%26data%3D05%257C01%257Cheather.macdonald%2540lifeworks.com%257Cb4770590141348a0c9f908da4f0b92ce%257C7565b51c5e8748ebbc80252b20bc1ade%257C1%257C0%257C637909208443041864%257CUnknown%257CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%253D%257C3000%257C%257C%257C%26sdata%3DKws7LcOgIWslwQUWTCdESQDDy77VSv9egciyLFz9CgY%253D%26reserved%3D0&amp;esheet=52751159&amp;newsitemid=20220615006069&amp;lan=en-US&amp;anchor=%40Darren_Entwistle&amp;index=5&amp;md5=acd0fe7252eb05bb659969ca06a49429\" rel=\"nofollow noopener\" shape=\"rect\">@Darren_Entwistle<\/a> on Instagram.\n<\/p>\n<p>\n<b>Forward-looking information<\/b>\n<\/p>\n<p>\nThis news release contains &#8220;forward- looking information&#8221; within the meaning of applicable securities laws, such as statements concerning anticipated future events, results, circumstances, performance, or expectations that are not historical facts. Specific statements used in this news release that may contain \u201cforward-looking information\u201d include but are not limited to statements with respect to: whether the Transaction will be consummated, including the ability and timing to obtain required regulatory approvals and approval of the Transaction by Lifeworks\u2019 shareholders; the ability and timing of satisfaction of the conditions precedent to the Transaction; the strengths, characteristics and potential of the Transaction; TELUS\u2019 ability to successfully integrate and realize anticipated benefits from LifeWorks\u2019 businesses; and the timing of declaration and payment of dividends by LifeWorks and the amount of such dividends. They are based on certain factors and assumptions, including expected growth, results of operations, business prospects and opportunities Use of words such as &#8220;will,&#8221; &#8220;expect,&#8221; \u201ccould,\u201d \u201cplan\u201d or other words of similar effect may indicate &#8220;forward-looking information.\u201d Forward-looking information is not a guarantee of future performance and is subject to numerous risks and uncertainties, including those described in the Company&#8217;s publicly filed documents (available on SEDAR at <a target=\"_blank\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.sedar.com%2F&amp;esheet=52751159&amp;newsitemid=20220615006069&amp;lan=en-US&amp;anchor=sedar.com&amp;index=6&amp;md5=abd4c0e8148798d68e377a4a946a2ec0\" rel=\"nofollow noopener\" shape=\"rect\">sedar.com<\/a>) and in the Company\u2019s MD&amp;A under the heading &#8220;Risks and Uncertainties.&#8221;\n<\/p>\n<p>\nThose risks and uncertainties include, among other things, risks related to failure to receive approval by LifeWorks shareholders, the required court, regulatory and other consents and approvals to effect the Transaction, the potential of a third party making a superior proposal to the Transaction, and the possibility that the Arrangement Agreement could be terminated under certain circumstances. Given these risks and uncertainties, investors should not place undue reliance on forward-looking information as a prediction of actual results.\n<\/p>\n<p>\nAll forward-looking information in this news release is qualified by these cautionary statements. These statements are made as of the date of this news release and, except as required by applicable law, the Company undertakes no obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise. Additionally, the Company undertakes no obligation to comment on analyses, expectations, or statements made by third parties in respect of the Company, its financial or operating results, or its securities.\n<\/p>\n<p>\nID-CAD, ID-IR, ID-CORP\n<\/p>\n<p> <b>Contacts<\/b> <\/p>\n<p>\n<b>Media Contacts:<\/b><br \/>Heather MacDonald<br \/>\n<br \/>LifeWorks<br \/>\n<br \/><a target=\"_blank\" href=\"&#109;&#x61;&#105;&#x6c;&#116;&#x6f;&#58;&#x6d;e&#x64;i&#x61;&#64;&#x6c;i&#102;&#x65;&#119;&#x6f;&#114;&#x6b;&#115;&#x2e;&#99;&#x6f;m\" rel=\"nofollow noopener\" shape=\"rect\">&#109;&#x65;d&#105;&#x61;&#64;&#108;&#x69;f&#101;&#x77;o&#114;&#x6b;&#115;&#x2e;&#x63;&#111;&#x6d;<\/a><br \/>1-855-622-3327\n<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Highlights The C$2.9 billion transaction advances both LifeWorks and TELUS Health strategic plans to create the unparalleled leader in employee wellness The transaction has received the unanimous approval of LifeWorks\u2019 Board of Directors and is subject to approval by LifeWorks shareholders LifeWorks shareholders will have option to receive C$33.00 per share in cash, TELUS shares &#8230; <span class=\"more\"><a class=\"more-link\" href=\"https:\/\/pharma-trend.com\/en\/lifeworks-inc-to-be-acquired-by-telus-creating-a-global-leader-in-employer-focused-healthcare\/\">[Read more&#8230;]<\/a><\/span><\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":{"0":"entry","1":"post","2":"publish","3":"author-business","4":"post-45148","6":"format-standard","7":"category-industry"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>LifeWorks Inc. to be acquired by TELUS creating a global leader in employer-focused healthcare - Pharma Trend<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pharma-trend.com\/en\/lifeworks-inc-to-be-acquired-by-telus-creating-a-global-leader-in-employer-focused-healthcare\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"LifeWorks Inc. to be acquired by TELUS creating a global leader in employer-focused healthcare - Pharma Trend\" \/>\n<meta property=\"og:description\" content=\"Highlights The C$2.9 billion transaction advances both LifeWorks and TELUS Health strategic plans to create the unparalleled leader in employee wellness The transaction has received the unanimous approval of LifeWorks\u2019 Board of Directors and is subject to approval by LifeWorks shareholders LifeWorks shareholders will have option to receive C$33.00 per share in cash, TELUS shares ... 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