TELUS Corporation (“TELUS”) (TSX: T, NYSE: TU) and LifeWorks Inc. (“LifeWorks”) (TSX: LWRK) today announced that the Ontario Superior Court of Justice (Commercial List) has issued a final order (the “Court Approval”) approving the plan of arrangement (the “Arrangement”) relating to the acquisition of LifeWorks by TELUS, announced on June 16, 2022.
TELUS and LifeWorks also announced that Canada’s Competition Bureau has issued a no-action letter with respect to the arrangement. As a result, both companies obtain the necessary approval under the Competition Act and the arrangement between them. In addition, in view of the expiry of the waiting period applicable to the Arrangement under the United States Hart-Scott-Rodino Antitrust Improvements Act of 1976 (the “HSR Act Approval”), the acquisition can be made in the United States and Canada.
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Court Approval, Competition Act Approval and HSR Act Approval Mark Important Milestones in Completing TELUS’ LifeWorks Acquisition and Follows Shareholder Approval of LifeWorks, obtained at a special meeting on August 4, 2022. Subject to obtaining the necessary regulatory approvals in the United Kingdom and Australia as well as the satisfaction of customary closing conditions, the Arrangement is expected to close on fourth quarter of 2022 or around this period.
“We are pleased to have reached this important milestone and obtained approval to proceed with the transaction between TELUS and LifeWorks in Canada and the United States,” said Darren Entwistle, President and Chief Executive Officer of TELUS. Recognizing the overwhelming support of LifeWorks team members, customers and shareholders, which reinforces my belief that the marriage of the respective expertise and capabilities of LifeWorks and TELUS Health will result in an extraordinary platform primary and preventive care, mental health and wellness for employees, which will serve more than 50 million people worldwide. We look forward to welcoming LifeWorks employees to the extended TELUS family so that together, we can help even more people lead healthy and productive professional and personal lives. »
“ This new chapter promises to be absolutely exciting for LifeWorks. Together with TELUS, we will be able to accelerate the realization of our shared vision of empowering people to take an active role in managing their health. We plan to achieve this by unifying the continuum of care through digital-first innovations as well as our unparalleled in-person care,” said Stephen Liptrap, President and CEO of LifeWorks. Our two organizations are distinguished by their vocation and their commitment to improving the quality of life of people around the world.
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