Quest Diagnostics agrees to buy Canada's LifeLabs from OMERS for $985 million
Quest Diagnostics signed an agreement on July 2, 2024 to acquire LifeLabs, a Canadian provider of laboratory diagnostic services, from OMERS for about 1.35 billion Canadian dollars (about $985 million U.S.), including net debt. The company expects to fund the deal with cash on hand and debt, and expects it to close by the end of 2024, subject to customer consents and Canadian regulatory approvals.
- Purchase price is about CAN $1.35 billion (about USD $985 million), including net debt, subject to customary adjustments.
- The company expects the deal to add about CAN $970 million (about USD $710 million) in annual revenue.
- Quest expects the deal to be slightly dilutive to GAAP EPS but accretive to adjusted EPS in the first 12 months after closing.
- Closing is expected by the end of the year and depends on customer consents and Competition Act and Investment Canada Act conditions.