Telus Corp. TT signs deal to buy LifeWorks Inc. LWRK-T worth $ 2.9 billion, including debt.
LifeWorks, formerly known as Morneau Shepell, helps companies with plans to support employees and families, manage absences, administer pensions and benefits, and plan retirement.
Under the agreement, LifeWorks shareholders will have the option to receive $ 33 in cash or 1.0642 Telus shares for each LifeWorks share held, on a pro rata basis.
The amount of money and the number of shares will be limited, so Telus will pay half of the deal in cash and half in shares.
Shares of LifeWorks closed at $ 18.20 on the Toronto Stock Exchange on Wednesday. Shares of Telus closed at $ 29.36.
The deal requires support from a two-thirds majority of LifeWorks shareholders, as well as approval from the court and other regulators.
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