"Quest Diagnostics" acquires the Canadian company "LifeLabs" for approximately $1.35 billion.

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"Quest Diagnostics" acquires the Canadian company "LifeLabs" for approximately $1.35 billion.

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"Quest Diagnostics" acquires the Canadian company "LifeLabs" for approximately $1.35 billion.

By Mounira Magdy

Published: July 3, 2024

Quest Diagnostics said today, Wednesday, that it will acquire the Canadian-based company LifeLabs from OMERS, the owner of the pension plan, for approximately $1.35 billion, including net debt.

LifeLabs, which provides community laboratory testing, will retain its brand, headquarters in Canada, and management after the acquisition closes.

The U.S. lab operator will acquire 100 percent of LifeLabs' shares and expects to finance the acquisition through available cash and debt. Quest expects the deal to generate about $710 million in annual revenue.

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

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