- Quest Diagnostics (NYSE:DGX) has signed an agreement to acquire LifeLbas from OMERS in a C$1.35 billion deal, including net debt
- LifeLabs will retain its brand, Canadian headquarters and management after the closing of the acquisition
- Quest Diagnostics will acquire 100 per cent of the equity of Life Labs and will fund the acquisition through cash and on-hand debt
- Shares of Quest Diagnostics are up 2.58 per cent to US$140.17 as of 12:04 pm ET
Quest Diagnostics (NYSE:DGX) has signed an agreement to acquire LifeLbas from OMERS in a C$1.35 billion deal, including net debt.
In a news release, the company stated that LifeLabs will retain its brand, Canadian headquarters and management after the closing of the acquisition.
Quest Diagnostics will acquire 100 per cent of the equity of Life Labs from the Ontario Municipal Employees’ Retirement System and will fund the acquisition through cash and on-hand debt.
“This transaction is predicated on our strong belief that we can help LifeLabs accelerate growth and improve healthcare,” Jim Davis, CEO of Quest Diagnostics, said in a statement. “We are committed to working with the LifeLabs team to ensure service continuity and enhance access and innovation to meet the needs of Canada’s growing and aging population.”
Through the acquisition, Quest Diagnostics will provide LifeLabs expertise, innovations and resources that will strengthen its services. These will include improvements to online appointment scheduling and quicker patient service centre processing.
The companies already have an established relationship thanks to LifeLabs participating in the Quest Diagnostics-led Global Diagnostic Network, which connects 12 of the leading diagnostic testing labs globally to broaden testing access and share expertise.
LifeLabs is Canada’s primary provider of laboratory diagnostic information and digital health connectivity systems that allow patients and healthcare professionals to diagnose, treat, monitor and prevent diseases.
With headquarters in Secaucus, New Jersey, Quest Diagnostics provides diagnostic insights from the results of its laboratory testing.
Shares of Quest Diagnostics Inc. (NYSE:DGX) are up 2.58 per cent to US$140.17 as of 12:04 pm ET.
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(Top photo of a technician’s hand taking a blood sample tube from a rack: Adobe Stock)