National

Telus buying LifeWorks in deal valued at $2.9B

Darpan News Desk The Canadian Press, 16 Jun, 2022 09:36 AM

VANCOUVER - 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.

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.

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.

Prev Next

MORE National ARTICLES

Businesses to charge a minimum fee on single-use cups: City of Vancouver

The charge was imposed January 1st — in part to reduce some of the estimated 80-million coffee and beverage cups thrown away in Vancouver every year — but unintentionally added costs to meal voucher recipients or those using gift cards or reward programs.

Businesses to charge a minimum fee on single-use cups: City of Vancouver

Investigation continues into house explosion

Constable Gary O'Brien says police will be checking to see if foul play was involved. He says crews have managed to remove debris from the site of the flattened home and check the basement and other areas.

Investigation continues into house explosion

Illegal drug dispensary operates as a tattoo studio shut down after allegedly selling to youth

Officers seized cannabis products, magic mushrooms (psilocybin), and suspected MDMA. The dispensary has now been shut down. While cannabis is legal to purchase and consume in Canada, there are strict regulations in place, including where products can be purchased.

Illegal drug dispensary operates as a tattoo studio shut down after allegedly selling to youth

Serious Collision in South Surrey leads to road closures

Due to the serious nature of the collision 184 Street is closed in both directions between 40 Avenue and 32 Avenue while police investigate the cause of the collision. The investigation is in the early stages and it is unknown how long road closures will remain in effect.

Serious Collision in South Surrey leads to road closures

Fed's Powell: Russia's war on Ukraine will worsen inflation

Consumer prices are already rising at their fastest pace in four decades, having jumped 7.5% in January compared with 12 months earlier. Gas prices, a key driver of that increase, have soared 40% over the past year.

Fed's Powell: Russia's war on Ukraine will worsen inflation

Federal government warns Canadians against fighting for Russia in Ukraine

Deputy Prime Minister Chrystia Freeland delivered the warning to anyone contemplating joining the Russian military invasion of Ukraine on Thursday as she announced more Canadian sanctions on Moscow and support for Kyiv in response to that attack.