Telus Corp. has signed a deal to buy LifeWorks Inc. valued at $2.9 billion including debt.
LifeWorks, formerly known as Morneau Shepell, helps companies with employee and family assistance plans, absence management, pension and benefits administration and retirement planning.
Under the agreement, LifeWorks shareholders will have the option to receive $33 in cash or 1.0642 Telus shares for each LifeWorks share held, subject to pro-ration.
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The amount of cash and number of shares will be limited so that Telus will pay for half the deal in cash and half in shares.
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LifeWorks shares closed at $18.20 on the Toronto Stock Exchange on Wednesday. Telus shares closed at $29.36.
The deal requires support by a two-thirds majority vote by LifeWorks shareholders as well as court and other regulatory approvals.
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