Quest Diagnostics Inc. (DGX) announced that it has entered into a definitive agreement to acquire lab-related clinical outreach service operations of Dignity Health, a hospital system based in California.
As per the agreement, Quest Diagnostics will acquire operations through which Dignity Health currently provides outreach diagnostic information services to patients and physician offices in parts of California and Nevada. Outreach services are provided by hospitals to physicians and patients outside of a hospital setting.
Dignity Health's hospital-based laboratories are not included in the sale.
Quest Diagnostics said it will perform testing from the acquired operations through its clinical laboratories in West Hills and Sacramento, Calif., and Las Vegas, Nevada.
The transaction is expected to be completed in June 2013, assuming customary approvals. Additional terms were not disclosed.
Quest Diagnostics expects the transaction to be neutral to adjusted earnings in 2013 and modestly accretive to earnings per share in 2014. The company also expects it to contribute about half a percentage point to consolidated revenues annually.
Assuming its completion, the transaction will be the second acquisition by Quest Diagnostics of an outreach business in 2013.
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