Telus Health has bought wellbeing provider Workplace Options in a deal worth around $420m, with around $350m in cash and $70m worth of assumed debt.
Private equity investor GTCR will be investing $200m as part of the transaction.
The companies said the deal established a global network of more than 180,000 providers across more than 200 countries and territories, with the combined entity supporting more than 150 million people.
Telus president and CEO Darren Entwistle said the acquisition furthered its practice of partnering with providers, digital health organizations, health plans and employers to create a more robust and localised offering executed at a global scale.
“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,” he added.
