TELUS Health acquires Workplace Options, top provider of wellbeing services to Fortune 500 companies

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TELUS Health combines digital-first innovation with Workplace Options' Employee and Family Assistance Program to transform employee wellbeing solutions

GTCR to invest US$200 million as part of the acquisition, bringing strategic healthcare industry expertise to accelerate TELUS Health's global growth and innovation

VANCOUVER, BC and TORONTO, May 14, 2025 /PRNewswire/ - TELUS Corporation ("TELUS") (TSX: T) (NYSE: TU) today announced a strategic partnership with GTCR, a leading private equity investor with extensive expertise across the healthcare landscape, supporting TELUS Health's recently announced acquisition of Workplace Options. Last week, TELUS Health announced the acquisition of Workplace Options for cash of approximately $500 million (US$350 million), net of assumed debt of approximately $100 million (US$70 million). Workplace Options, a leading global provider of integrated employee wellbeing solutions across 200 countries and territories, further solidifies TELUS Health as an unparalleled force in the global wellbeing solutions market. Today, TELUS Health is one of the largest companies providing digital-first health and wellbeing services and solutions globally to empower individuals to live their healthiest lives. TELUS Health is now positioned to support clients across all channels and global verticals covering more than 150 million lives and growing.

"Today marks a transformative milestone in our global health technology journey," said Darren Entwistle, President and CEO of TELUS. "By uniting TELUS Health and Workplace Options, we are creating an unprecedented breadth of experience and expertise that will drive global consistency in Employee and Family Assistance Programs (EFAP) and Wellbeing Solutions in a way that is unmatched in our industry. This acquisition furthers TELUS Health's practice of partnering with providers, digital health organizations, health plans and employers to create a more robust and localized offering executed at a global scale. This powerful combination, underpinned by TELUS' extensive AI expertise, ability to draw on common technologies, trends and advancements will unlock high-quality health outcomes for all constituents in a way previously unrealized. With more than 40-years of investment experience within the healthcare vertical, we look forward to GTCR's investment on this acquisition, who will be a value-added partner, supporting our efforts to accelerate growth."

"This is more than an acquisition, it's an extension of our vision to build one of the most comprehensive suites of health and wellbeing solutions globally," said Navin Arora, Executive Vice-president, TELUS and President, TELUS Business Solutions, TELUS Health, TELUS Agriculture & Consumer Goods, and TELUS Partner Solutions. "With our differentiated and complementary products and services and a strong base of local and multinational clients worldwide, we're excited about unlocking significant growth opportunities, new revenue streams and powerful economies of scale."

Benefits of the transaction:

• Establishes a global network of more than 180,000 providers across more than 200 countries and territories, positioning TELUS Health as a leader in the global employer health and wellbeing space.
• Delivers a standardized model for providing customers with robust EFAP and wellbeing services, backed by industry-leading customer experience support, global scale and reach.
• Brings together TELUS' robust infrastructure and leading networks with Workplace Options' strong digital capabilities, as well as TELUS Digital's AI expertise, providing TELUS Health with a unique competitive advantage in the global market.

"By joining forces with TELUS Health, we are aligning with an organization that shares our deep commitment to innovation in EFAP solutions and our focus on delivering exceptional value to the reseller community," said Alan King, CEO, Workplace Options. "This acquisition by TELUS Health marks an exciting new chapter, uniting us in our mission to scaling what matters most: care, connection and trust in the workplace. TELUS Health's leading digital innovation will enable us to deliver unparalleled wellbeing services, ultimately transforming the health and productivity landscape."

GTCR brings over four decades of healthcare investment expertise to this strategic collaboration, having executed more than 65 platform healthcare investments and 250 healthcare transactions. GTCR will invest US$200 million as part of this acquisition, leveraging their deep industry knowledge and proven track record of successful corporate partnerships. GTCR is positioned as a strategic ally in support of TELUS Health's continued growth ambitions, while their participation in the Workplace Options transaction establishes the foundation for a long-term, value-generating partnership.

"We are thrilled to partner with TELUS Health to support its continued growth by leveraging both our deep expertise in the healthcare sector and ability to structure a bespoke transaction to meet the needs of our partner," said Dean Mihas, Co-CEO and Managing Director, GTCR. "Providing flexible capital solutions to outstanding management teams, coupled with a partnership approach to helping drive value creation through industry insights and experience, is core to GTCR's approach to delivering value to our portfolio companies, investors and other stakeholders."

About TELUS Health
TELUS Health is on a mission to become the most trusted wellbeing company in the world by enhancing the overall efficiency of healthcare and championing workplace wellbeing. By integrating advanced healthcare technology with comprehensive employee support services, TELUS Health provides a holistic approach to primary and preventive health and wellbeing enhancing more than 150 million lives across more than 200 countries and territories. Our innovative digital health platforms, including electronic medical records (EMRs) and virtual care solutions, empower healthcare professionals, employers and governments to deliver personalized care efficiently. Our employee wellbeing programs empower individuals by offering extensive support through Employee and Family Assistance Programs (EFAPs), mental health resources, financial counselling and workplace wellness initiatives. At TELUS Health, we are committed to revolutionizing healthcare to ensure people receive the support they need and employees thrive both personally and professionally. Together, let's make the future friendly. For more information please visit: www.telushealth.com.

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TELUS Health
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SOURCE TELUS Health