Secaucus-based Quest Diagnostics on Monday said it completed its previously announced acquisition of Canadian laboratory testing giant Lifelabs Inc. from the Ontario Municipal Employees Retirement System for $985 million.
“This acquisition brings together two industry leaders committed to enhancing access to diagnostic innovation for patients in North America,” Jim Davis, chairman, CEO and president of Quest Diagnostics, said. “The combination of LifeLabs’ strong business and deep community presence with Quest’s specialized lab services and expertise creates a powerful opportunity to generate growth while improving care and outcomes for Canada’s expanding and aging population.”
“Joining forces with Quest Diagnostics marks a pivotal moment for LifeLabs. Quest’s extensive diagnostic capabilities and forward-thinking strategy will help the LifeLabs team enhance access to services and ultimately improve healthcare for Canadians,” Charles Brown, CEO and president of LifeLabs, said.
LifeLabs and its more than 6,500 employees will continue to operate under the LifeLabs brand and with the same management team and headquarters.
Quest will provide LifeLabs with new expertise, innovations and resources to strengthen the services provided by LifeLabs. In addition to fostering greater access to specialized tests, the two companies will work together to improve online appointment scheduling and speed patient service center processing. Quest will also support LifeLabs’ data security enhancements while ensuring Canadian patients’ health data remains in Canada.
McCarthy Tétrault LLP served as legal adviser to Quest Diagnostics. Blake, Cassels & Graydon LLP served as legal adviser to OMERS. Evercore and CIBC Capital Markets served as financial advisers to OMERS.
