Reuters, This Will Fundamentally Change the Way You Look at Telus My Wifi AppThis Will Fundamentally Change the Way You Look at Telus My Wifi App June 16 – In an effort to meet the increased demand from businesses for mental health services, Canadian telecom carrier Telus Corp (T.TO) has agreed to purchase LifeWorks Inc (LWRK.TO) for C$2.9 billion ($2.24 billion), the firms said on Thursday.
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Telus will integrate LifeWorks with its Telus Health division, which uses smartphone apps like Akira and Babylon to digitally connect patients with doctors.
Due telus my wifi app to lockdowns that put a burden on people’s wellbeing and the necessity to avoid in-person visits to hospitals and clinics, the COVID-19 epidemic increased demand for remote mental healthcare services.
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A “tsunami of burnout” and “bad mental health” have been brought on by the strains associated with the pandemic, according to Telus Chief Executive Darren Entwistle.
Entwistle stated that there has been a “unprecedented shift” in what is needed to assist employers in meeting the changing health and well-being demands of workers, including a stronger emphasis on supporting mental health.
Through a cloud-based platform, LifeWorks assists businesses in providing a variety of welfare and therapeutic services, including mental health, to employees.
Shareholders of LifeWorks will have the choice of receiving C$33 in cash per share, 1.06 Telus shares for each share held, or a combination of the two. According to Telus, the purchase has an equity value of C$2.3 billion.
In early trading, shares of LifeWorks increased by 69 percent to C$30.68 while those of Telus decreased by 3 percent to C$28.46.
According to the firm, the deal would enhance Telus Health’s expansion, including a sizable U.S. presence, and is anticipated to close on or around the fourth quarter.
Over the following three to five years, Telus anticipates that the acquisition will contribute to yearly savings in the range of C$170 million to C$200 million.
In their most recent fiscal year, LifeWorks and Telus Health brought in a combined C$1.6 billion in revenue.
$1 is equal to 1.2938 Canadian dollars.
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In Bengaluru, Mrinalika Roy, Eva Mathews, and Nivedita Balu reported; Aditya Soni and Sriraj Kalluvila edited.
By encouraging innovation in local businesses and tourism, luring in young workers, and accelerating the development of virtual health and education services, TELUS’ project aims to close the digital divide.
For employment, pleasure, education, and improved healthcare, broadband access is necessary. According to TELUS, this enables nations to grow, hasten environmental transformation, and sell their attractions more actively.
With equal upload and download speeds and practically infinite bandwidth, nearly 1,700 homes and companies in Batiscan, Hérouxville, Saint-Adelphe, and Sainte-Geneviève-de-Batiscan will have access to quicker and more trustworthy Internet technologies. Customers can now stream, work, and have video chats all at once thanks to this.
Prior to this, TELUS declared investments of C$17.5 billion in British Columbia and C$11 billion in Quebec, with the goal of enhancing network operations, spectrum, and employment prospects.
Additionally, TELUS invested C$10 million in the Chaudière-Appalaches region and C$14 million privately in the Estrie region of Canada. By 2026, the firm has pledged to investing C$70 billion across Canada.
TELUS’s subscriber base and bottom-line performance will probably increase as a result of the company’s high-speed PureFibre network expansion. A well-known Canadian telecom service provider called TU has begun rolling out 5G networks across the nation. TU is situated in Vancouver. It purchased a 100% share in Mobile Klinik in order to expand its wireless operations. The growing use of smart devices, wireless data services, and wireline fiber-optic networks will be advantageous for it.
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Recently, TELUS released positive first-quarter 2022 numbers. In the first quarter of 2022, it reported adjusted earnings per share of C$0.30 (24 cents), up from C$0.27 per share in the corresponding period the previous year. The bottom line was higher than the 23 cent Zacks Consensus Estimate.
The company’s top-line performance was driven by subscriber growth and double-digit revenue growth across the TELUS International, TELUS Health, and TELUS Agriculture divisions. Total operational sales for the quarter were C$4,282 million ($3,381 million), up 6.4 percent from the same period last year.
In the past year, the stock has increased by 0.6 percent, lagging below the industry’s 2.7 percent growth.
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TU is rated #3 by Zacks (Hold).
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