On July 3, 2024, Quest Diagnostics announced an agreement to acquire LifeLabs for approximately $985 million, including net debt. Quest Diagnostics, a major provider of diagnostic information services, has supported Canadian laboratories and hospitals for over 20 years. This acquisition aims to enhance LifeLabs' growth and service capabilities. LifeLabs, a prominent Canadian laboratory provider, will retain its brand and headquarters, with Quest promising to bolster its services through innovations and improvements in data security.
LifeLabs, known for its extensive diagnostic services and digital health connectivity, will benefit from Quest's expertise, including advancements in online appointment scheduling and patient service processing. The deal, expected to be finalized by year-end pending regulatory approvals, will be funded through cash and debt. It is projected to generate $710 million in annual revenues. The transaction aligns with Quest’s growth and profitability goals and is anticipated to be accretive to adjusted earnings per share within the first year. Both companies have a history of collaboration, enhancing their diagnostic networks and testing capabilities.
