Business

Quest Diagnostics to Acquire LifeLabs in Canada for Approximately $985 Million Including Debt

By Ciara Linnane

The deal is expected to be completed by the end of the year.

Quest Diagnostics Inc. announced Wednesday that it has entered into a definitive agreement with OMERS pension fund to acquire LifeLabs, a Canadian provider of community laboratory services, for approximately C$1.35 billion ($985 million), including net debt.

“Quest (DGX) has supported laboratories, hospitals and academic centers in Canada with specialized testing services for more than two decades, including during the COVID-19 pandemic,” said Jim Davis, president and CEO of Secaucus, New Jersey-based Quest.

“This transaction is based on our strong belief that we can help LifeLabs accelerate its growth and improve healthcare,” he said.

Under the terms of the agreement, LifeLabs will retain its brand, Canadian headquarters and management after the deal closes.

Quest will finance the transaction using available cash and debt.

It expects the transaction to generate about C$970 million in annual revenue and slightly dilute earnings per share but increase adjusted earnings in the first 12 months after closing.

The deal is expected to be finalized by the end of the year.

The transaction “meets all of Quest's criteria for growth, profitability and returns,” the company said.

OMERS, a Toronto-based defined benefit pension plan with 1,000 participating employers, acquired LifeLabs in 2007.

Quest shares were up 0.8% in early trading, but are down 0.2% year to date, while the S&P 500 has gained 15.5%.

-Ciara Linnane

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

03-07-24 0958ET

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