Sun Life is acquiring Dialogue Health Technologies for $277 million. The insurance company’s acquisition of the Montreal-based virtual care provider occurs as many Canadians struggle to schedule same-day or next-day appointments with a doctor.

The details: Sun Life’s purchase of Dialogue Health is expected to close in the fourth quarter of 2023, following shareholder and regulatory approvals.

• Dialogue Health’s executive management team will keep a minority interest in the company.
• Dialogue Health will exist as a standalone entity owned by Sun Life Canada, and will continue to maintain its head office in Montreal
• Sun Life will pay Dialogue Health shareholders $5.15 in cash per common share as part of the deal.
• The total equity value of Dialogue Health is $365 million.

More information: Dialogue Health was founded in 2016 as an app that books video appointments between health professionals and Canadian patients. The concept became more popular during the COVID-19 pandemic.

• Dialogue Health claims that it services approximately 2.8 million members through 50,000 organizations.
• Sun Life became a minority owner of Dialogue in 2020 through a $32.7-million equity investment, with rights to acquire additional equity in the future.
• Sun Life began offering Dialogue Health’s services to its Group Benefits clients through Lumino Health Virtual Care.
• Dialogue’s services are available to clients in the United States.
• National Bank Financial acted as financial advisor to Sun Life...

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