Quest Diagnostics To Acquire LifeLabs For USD 985 Million

Quest Diagnostics, a medical laboratories firm, reported an agreement with OMERS to buy LifeLabs, a provider of community laboratory tests for a huge number of Canadians, for a worth of around CAN $1.35 billion (around USD $985 million), including net debt.

"Quest has supported laboratories, hospitals and academic centres in Canada with specialized testing services for over two decades, including during the Covid-19 pandemic," said Jim Davis, Chairman, CEO and president, Quest Diagnostics. "This transaction is predicated on our strong belief that we can help LifeLabs accelerate growth and improve healthcare. 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."

LifeLabs will hold its image, canadian headquarters, and the executives after the acquisition is closed. Quest will offer LifeLabs with new mastery, advancements and assets to reinforce the administrations given by LifeLabs' in excess of 6,500 employees. This will incorporate better online appointment scheduling and faster patient service centre processing. In addition, Quest anticipates accelerating LifeLabs' data security enhancements and guaranteeing that Canadian patients' health information will remain in Canada.

"OMERS is proud to have supported LifeLabs' growth over the last 17 years. Our purchase in 2007 and subsequent investments have helped LifeLabs grow into a great Canadian success story," said Michael Hill, executive vice president and global head of infrastructure of OMERS. "Quest is uniquely equipped to expand the service offering at LifeLabs, bringing new innovations to this market while extending access for patients in Canada."