New York-listed clinical laboratory operator Quest Diagnostics has agreed to acquire the remaining stake it does not already hold in Mid America Clinical Laboratories.
Want to share your news with your industry? Get your article ranked for $10.
Top 1000 Companies Ranked by Revenue – in Multiple Sectors / Countries. Only $99
The business is currently operated as a joint venture between the company, Ascension St Vincent and Community Health Network and the buyer claims it is the largest independent business of its kind in Indiana.
It has around 50 patient service centres in the state, as well as a laboratory.
Financial terms of the deal have not been disclosed, except to say that the consideration will be in the form of cash.
Completion is expected to follow in the third quarter of this year, subject to the green light from regulators.
Commenting on the agreement, Steve Rusckowski, chief executive of the buyer, said: “This transaction delivers on our accelerate growth and operational excellence strategies, which focus on strategically aligned, accretive acquisitions, while bolstering our professional lab services.
“We are pleased to take this step forward to deliver actionable diagnostic insights to more patients and providers in Indiana.”
Quest anticipates being able to offer a broader range of test services, and at a higher quality, following completion.
The firm will also provide hospital lab services under long-term service agreements for around 30 locations owned and operated by Ascension St Vincent and Community Health Network, while it will continue to provide specialised pathology services to its former partners.
Quest employs some 47,000 people and provides diagnostic insights from the world’s largest database of clinical lab results, according to its website.
It claims to serve a third of adult Americans and half of the US’s physicians and hospitals every year.
The firm has already completed one acquisition this year, according to Zephyr, the M&A database published by Bureau van Dijk.
That deal saw it pick up Finnish peer Blueprint Genetics for an undisclosed consideration back in January.
© Zephus Ltd