Sun Life has announced that it has entered into an agreement to acquire Dialogue Health Technologies Inc, an integrated health platform with headquarters in Montreal, Quebec.
Dialogue offers virtual healthcare and well-being services for nearly 2.8 million members across 50,000 organizations.
The platform includes assistance for physical health concerns, mental health support, an employee assistance program (EAP) offering access to multi-discipline service providers, as well as personalized wellness and fitness resources.
The deal will involve the indirect acquisition of Dialogue’s outstanding common shares, except those owned by the executive management and Sun Life’s affiliates.
Per-share value is set at $5.15, amounting to $365 million in total equity value on a fully diluted basis. Dialogue’s executive management will also retain a minority interest in the company, according to Sun Life’s news release.
In 2020, Sun Life introduced Dialogue’s services to its group benefits clients under the name Lumino Health Virtual Care.
Additionally, Dialogue recently entered the US market by partnering with Sun Life US.
This on-going relationship will be expanded further by the acquisition. The move also builds on Sun Life’s sustainability efforts, which include empowering clients to proactively manage their health, the company said in its release.
“Together we will empower Canadians with access to the care they need from the convenience of their home,” said Jacques Goulet (pictured right), president of Sun Life Canada. “We have seen the positive impact Dialogue has had on the lives of Canadians, as well as the role it plays in our broader health ecosystem.
“Using Dialogue’s platform for appropriate health concerns can help reduce the strain on our healthcare system. We are proud to be investing in a Canadian company, headquartered in Montreal, that has tremendous health expertise and incredible growth potential.”
Following the completion of the acquisition, Dialogue will retain its head office in Montreal, operating as a standalone entity within Sun Life Canada.
Customers and distribution partners will continue to have access to Dialogue’s services and capabilities, as it leverages the combined resources of both organizations.
“We have a strong relationship with Sun Life and our company values are closely aligned,” said Dialogue CEO Cherif Habib (pictured left). “We both care deeply about health and well-being and want to improve access to safe and quality care for everyone.
“As a company backed by Sun Life, Dialogue will have the resources and flexibility to continue to deliver on its mission by leveraging the respective strengths of both organizations, and we look forward to introducing more innovative digital solutions to empower people on their health journey. This is an exciting new chapter as we look to grow together and shape the future of healthcare in Canada and other markets.”
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