TELUS Health is acquiring Workplace Options for approximately $500 million, establishing the company as a major player in the global employee wellbeing market serving more than 150 million people worldwide.
The acquisition announced Wednesday combines TELUS Health’s digital capabilities with Workplace Options’ Employee and Family Assistance Programs (EFAP) across more than 200 countries and territories.
Private equity firm GTCR will invest US$200 million as part of the transaction, bringing healthcare expertise to support TELUS Health’s global expansion plans.
“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 and Wellbeing Solutions in a way that is unmatched in our industry,” said Darren Entwistle, president and CEO of TELUS.
Creating a global wellbeing network
The deal establishes a network of more than 180,000 health providers across more than 200 countries, positioning TELUS Health in the global employer health sector.
The companies will implement a standardized model for EFAP and wellbeing services, while combining TELUS’ infrastructure with Workplace Options’ digital capabilities and TELUS’ artificial intelligence expertise.
“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 at TELUS and president of TELUS Business Solutions.
Strategic investment partnership
GTCR’s US$200 million investment brings significant healthcare expertise to the partnership. The private equity firm has completed more than 65 platform healthcare investments and 250 healthcare transactions over four decades.
“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 at GTCR.
Alan King, CEO of Workplace Options, said the acquisition aligns his organization with a company that shares their commitment to innovation in EFAP solutions and delivering value to resellers.
The deal comes as employers increasingly seek comprehensive wellbeing solutions for their workforce, particularly following pandemic-era shifts in workplace mental health priorities.
