SECAUCUS, N.J. and TORONTO , Aug.
26, 2024 /PRNewswire/ -- Quest Diagnostics (NYSE: DGX ), a leading provider of diagnostic information services, today announced the completion of its acquisition of LifeLabs from OMERS. The transaction, valued at approximately CAN $1.35 billion (approximately USD $1 billion ), including net debt, has received all necessary approvals and is now closed.
"This acquisition brings together two industry leaders committed to enhancing access to diagnostic innovation for patients in North America ," said Jim Davis , Chairman, CEO, and President of Quest Diagnostics. "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." Quest provides a comprehensive offering of tests requiring specialized skills, science, and technology in clinical areas such as cardiometabolic health, infectious diseases, Alzheimer's disease, oncology and genomics.
"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," said Charles Brown , President and CEO of LifeLabs. LifeLabs and its more than 6,500 employees will continue to operate under the LifeLabs brand and with the same management .