Morneau Shepell Inc. is acquiring employee assistance program and wellness provider LifeWorks Corp. Ltd. for about $426 million.

“This acquisition is aligned with Morneau Shepell’s global growth strategy as well as our focus on technology innovations to create added value for our clients and their employees,” said Stephen Liptrap, president and chief executive officer of Morneau Shepell, in a press release. “This is a tremendous opportunity to grow our U.S. and global footprint, while building on our technology footprint to create integrated user experiences.”

Read: Morneau Shepell, Co-operators partner on new EAP product

Rita Fridella, executive vice-president of Morneau Shepell and president of employee support solutions, added that LifeWorks brings significant and complementary strengths to the Morneau Shepell employee assistance program business.

“Morneau Shepell is deeper in the clinical treatment side of workplace health with a strong technology platform,” said Fridella. “LifeWorks brings an integrated platform focused on EAP, employee engagement, rewards and recognition and human resources communications. Together we create an enhanced integrated employee experience.” 

The acquisition, which is to be paid in cash and Morneau Shepell shares, is expected to close later this month.

Read: Morneau Shepell adds to Quebec EAP presence with Pro Health acquisition

Copyright © 2018 Transcontinental Media G.P. Originally published on benefitscanada.com

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