Canadian carrier Telus purchases LifeWorks for USD 2.2 Billion
Category: #health  By Pankaj Singh  Date: 2022-06-20
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Canadian carrier Telus purchases LifeWorks for USD 2.2 Billion

Telus Communications Inc., a Canadian national telecom company, has reportedly agreed to purchase digital health specialist LifeWorks for USD 2.2 billion.

The Toronto-based company offers cloud-based telehealth alongside in-person health services, focusing on mental health. Employers can provide these services to their workforces to quickly recognize problems and provide help to enable fast recovery.

LifeWorks’ platform had nearly 7.1 million users in Q1 2022, a one-third rise in the same period last year. It obtained revenues of USD 199.12 million (C$259 million), on course to surpass the USD 1 billion mark this year.

Since the late 2000s, Telus has been developing its health business which started by acquiring Emergis, an electronic health record company, in 2008. Since then, it extended into telemedicine, health benefits management, and electronic prescribing.

The Vancouver-based telecom giant is offering a per-share value of USD 25.37 (C$33) to LifeWorks shares in a cash and stock deal. This is a premium of 80% on the share price of LifeWorks before the announcement of the deal.

Combining, the two entities have operations across 28 countries globally, offering preventative and primary digital health and wellness services. Both have benefitted from growing remote healthcare delivery, particularly for mental health, during the COVID-19 pandemic.

The merger links with the latest credible reports which predicted that post surging growth for digital health firms during the outbreak, this year and next year will witness a flurry of consolidations as early movers strive to stay ahead of the competition.

Darren Entwistle, Chief Executive and President of Telus commented that the merger will allow the companies to consolidate their respective capabilities and skills of Telus Health and LifeWorks.

The transaction is anticipated to be completed before the end of 2022. This deal will help Telus to expand its business operations in the United States.

Source credit:

https://pharmaphorum.com/news/canadian-comms-giant-telus-buys-digital-health-player-lifeworks/



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Pankaj Singh

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Pankaj Singh

Pankaj Singh Develops content for Market Size Forecasters, Algosonline, and a couple of other platforms. A Post Graduate in Management by qualification, he worked as an underwriter in the UK insurance domain before deciding to switch his field of profession. With exp...

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