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Telus Corp. is acquiring LifeWorks Inc. for a total transaction value of $2.9 billion.

The agreement will see Telus purchase the digital health and wellness provider for the total consideration of about $2.3 billion in cash and the assumption of about $600 million in LifeWorks’ debt, said Doug French, Telus’ chief finance officer and executive vice-president, during a press conference this morning.

Read: Telus Health acquiring digital wellness platform

Stephen Liptrap, LifeWorks’ president and chief executive officer, said the acquisition will advance both companies’ strategic plans to create leadership in employee wellness. “The combination of LifeWorks and Telus Health really does represent an unmatched opportunity to create a global leader in employer-focused health care with a differentiator of also having our unmatched high-touch, in-person services.”

The acquisition is expected to close around the fourth quarter of 2022, subject to appropriate approvals and any closing conditions.

Read: Telus Health acquires health division of Toronto-based software company