Quest Diagnostics (DGX), a provider of diagnostic information services, announced Wednesday a definitive agreement to acquire LifeLabs, a provider of community laboratory tests for millions of Canadians, from OMERS for a value of approximately C$1.35 billion (approximately $985 million), including net debt.
LifeLabs will retain its brand, Canadian headquarters, and management after the acquisition is closed. Quest will provide LifeLabs with new expertise, innovations and resources to strengthen the services provided by LifeLabs' more than 6,500 employees.
Quest also expects to help accelerate LifeLabs' data security enhancements while ensuring Canadian patients' health data remains in Canada.
Quest expects to fund the acquisition through cash on hand and debt. The transaction is expected to close by the end of the year, subject to certain customary closing conditions and approvals, including Canadian regulatory approvals.
Quest expects the transaction to generate approximately C$970 million (approximately $710 million) in annual revenues and to be slightly dilutive to earnings per share, but accretive to adjusted earnings per share in the first 12 months after closing.
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