TELUS and LifeWorks Receive Court and Major Regulatory Approvals for Proposed Acquisition | Company

VANCOUVER, British Columbia and TORONTO–(BUSINESS WIRE)–August 11, 2022–

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 its final order (the “Court Approval”) approving the plan of arrangement (the “Arrangement”) relating to TELUS’ acquisition of LifeWorks previously announced on June 16, 2022.

TELUS and LifeWorks also announced that Canada’s Competition Bureau had issued a no-action letter with respect to the arrangement. Accordingly, Competition Act Clearance, as defined and required by the Arrangement Agreement previously entered into between LifeWorks and TELUS, has been obtained. In addition, the applicable waiting period with respect to the Arrangement under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, has expired (the “HSR Approval”), so the acquisition is cleared to proceed in the United States as well as Canada.

Court approval, Competition Act approval and HSR approval are important steps towards the closing of TELUS’ acquisition of LifeWorks and follow approval from LifeWorks shareholders, which was obtained at a special meeting of LifeWorks shareholders on August 4, 2022. Pending the receipt of regulatory approvals in the United Kingdom and Australia, and the satisfaction of customary closing conditions, the arrangement is expected to proceed with the closing which is expected to occur around the fourth quarter of 2022.

“We are delighted to have achieved this important milestone, with approval to proceed with the TELUS – LifeWorks transaction in Canada and the United States,” said Darren Entwistle, President and CEO of TELUS. “It is important to note that we have had overwhelming support from LifeWorks team members, customers and shareholders, and I am confident that the powerful combination of the respective skills and capabilities of LifeWorks and of TELUS Health will create a world-leading, end-to-end digital platform for primary and preventative healthcare, mental health and employee wellbeing, spanning more than 50 million lives and growing at scale world. We look forward to welcoming LifeWorks employees to our TELUS family so that together we can help even more people around the world lead their healthiest and most productive professional and personal lives.

“This is an exciting new chapter for LifeWorks, and together with TELUS, we will be able to accelerate our shared vision of empowering individuals to take a more proactive role in managing their health 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 aligned as leading, purpose-driven companies committed to improving the lives of people around the world.”

About TELUS Corporation

TELUS (TSX: T, NYSE: TU) is a dynamic, leading communications technology company with $17 billion in annual revenue and 17 million customer connections spanning wireless, data, IP , voice, television, entertainment, video and security. Our social purpose is to leverage our advanced technology and compassion to drive social change and enable remarkable human results. Our long-standing commitment to putting our customers first fuels every aspect of our business, making us a distinct leader in customer service excellence and loyalty. The many sustained accolades TELUS has received over the years from industry-leading independent network intelligence companies are a testament to the strength and speed of TELUS’ world-class networks, reinforcing our commitment to providing Canadians with access to superior technology that connects us to people. , resources and information that improve our lives.

TELUS Health is Canada’s leader in digital health technology, improving access to health and wellness services and revolutionizing the flow of health information across the continuum of care. TELUS Agriculture and Consumer Products is a global technology provider of innovative data insights and digital solutions, creating a unified, reliable and sustainable value chain. TELUS International (TSX and NYSE: TIXT) is a leading digital customer experience innovator that designs, builds and delivers next-generation solutions, including AI and content moderation, for global brands and disruptive in high-growth verticals, including technology and gaming. , communications and media and e-commerce and FinTech. TELUS and TELUS International operate in 28 countries around the world.

Driven by our determination and vision to connect all citizens for good, our deeply meaningful and enduring philosophy of giving where we live has inspired TELUS, our team members and our retirees to contribute more than $900 million, in cash, in-kind, time and 1.8 million days of service since 2000. This unprecedented generosity and unparalleled volunteerism has made TELUS the most generous company in the world. Together, let’s make the future friendly.

For more information about TELUS, please visit telus.com, Follow us @TELUSNews on Twitter and @Darren—Entwistle on Instagram.

About LifeWorks

LifeWorks is a global leader in providing digital and in-person solutions that support the total well-being of people – mental, physical, financial and social. As the trusted leader in mental health and wellbeing, LifeWorks provides a personalized continuum of care that helps our customers improve the lives of their employees and, in doing so, improve their business. Guided by our purpose of improving lives and improving business, we help our clients improve the well-being of their employees, we help them improve workforce engagement and productivity, improving and the performance of our clients’ organizations. LifeWorks is a publicly traded company on the Toronto Stock Exchange (TSX: LWRK). LifeWorks has approximately 7,000 employees, 25,000 customers, and serves 36 million people and their families in more than 160 countries.

Forward-looking information

This press release contains “forward-looking information” within the meaning of applicable securities laws, such as statements regarding anticipated future events, results, circumstances, performance or expectations that are not historical facts. The use of words such as “may”, “shall”, “expects”, “believes”, “could”, “would”, “intends” or other words of similar effect may indicate “forward-looking information”. The specific statements used in this press release that are “forward-looking information” include statements regarding the completion or otherwise of the Arrangement. Forward-looking information is not a guarantee of future performance and is subject to numerous risks and uncertainties, including those described in documents filed publicly by TELUS and LifeWorks with securities commissions in Canada (available on SEDAR at sedar.com ) and, in the case of TELUS, documents filed in the United States on EDGAR at sec.govincluding in the LifeWorks MD&A under “Risks and Uncertainties” and section 10 of TELUS’ 2021 Annual MD&A, supplemented by TELUS’ interim MD&A for the second quarter ended June 30, 2022.

The forward-looking statements contained in this press release are made based on certain assumptions and are subject to risks and uncertainties, including, among other things, assumptions and risks relating to regulatory and other consents and approvals required to make the Arrangement and the possibility that the Arrangement Agreement governing the Arrangement may be terminated in certain circumstances. Given these risks and uncertainties, investors should not place undue reliance on forward-looking information in predicting actual results.

All forward-looking statements in this press release are made pursuant to the “safe harbor” provisions of applicable Canadian securities laws and the United States Private Securities Litigation Reform Act of 1995 and are qualified by this cautionary statement. This information is made as of the date of this press release and, except as required by applicable law, neither TELUS nor LifeWorks undertakes to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise. Further, neither TELUS nor LifeWorks undertakes to comment on any analysis, expectations or statements made by third parties regarding their respective financial or operating results, or their respective securities (whether before or after of the arrangement).

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Show source version on businesswire.com:https://www.businesswire.com/news/home/20220811005766/en/

CONTACT: LifeWorks

[email protected]

1-855-622-3327TELUS Public Relations

Jill Yetman

[email protected]

KEYWORD: NORTH AMERICA CANADA

INDUSTRY KEYWORD: MENTAL HEALTH SECURITY HEALTH TECHNOLOGY MOBILE/WIRELESS VOIP

SOURCE: LifeWorks and TELUS Corporation

Copyright BusinessWire 2022.

PUBLISHED: 08/11/2022 17:22 / DISK: 08/11/2022 17:22

http://www.businesswire.com/news/home/20220811005766/en

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