8-K
filed July 3, 2023, 7:59 PM ET
ticker LH
CIK 0000920148
M&A
confidence high
sentiment positive
materiality 0.85
LABCORP HOLDINGS INC. (LH): M&A transaction — Labcorp completes spin-off of Fortrea; receives $1.6B cash, plans $1B buyback
LABCORP HOLDINGS INC.
- Spin-off completed June 30, 2023; Fortrea begins trading on NASDAQ under FTRE on July 3.
- Labcorp received ~$1.6B cash from Fortrea as partial consideration for contributed assets.
- Proceeds to fund $1.0B accelerated share repurchase program and $300M debt paydown this year.
- Each Labcorp shareholder received one share of Fortrea for each LH share held as of June 20 record date.
- Spin-off structured to qualify as tax-free distribution for US federal income tax purposes.
Key facts
Extracted from this filing and checked against the source text.
M&A Transactions
SEC 8-K Item 2.01/5.01
confidence 0.9
LABCORP HOLDINGS INC. completed a disposition involving Fortrea Holdings Inc. (closed 2023-06-30).
- Action
- disposition
- Counterparty
- Fortrea Holdings Inc.
- Closing
- 2023-06-30
Exact text from the filing
On June 30, 2023 (the “Distribution Date”) at 11:59 p.m., Burlington, North Carolina time, Laboratory Corporation of America Holdings (the “Company” or “Labcorp”) completed the previously announced separation (the “spinoff”) of Fortrea Holdings Inc. (“Fortrea”) from the Company.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
LABCORP HOLDINGS INC. entered into Tax Matters Agreement with Fortrea.
- Action
- entry
- Counterparty
- Fortrea
Exact text from the filing
On July 3, 2023, Fortrea’s common stock will begin trading on the NASDAQ Stock Market under the ticker symbol “FTRE.” Item 1.01 Entry into a Material Definitive Agreement In connection with the spinoff, the Company entered into several agreements with Fortrea on or prior to the Distribution Date that, among other things, provide a framework for the Company’s relationship with Fortrea after the spinoff, including the following agreements: • a Separation and Distribution Agreement; • a Tax Matters Agreement; • an Employee Matters Agreement; and • a Transition Services Agreement.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
LABCORP HOLDINGS INC. entered into Separation and Distribution Agreement with Fortrea.
- Action
- entry
- Agreement
- supply
- Counterparty
- Fortrea
Exact text from the filing
On July 3, 2023, Fortrea’s common stock will begin trading on the NASDAQ Stock Market under the ticker symbol “FTRE.” Item 1.01 Entry into a Material Definitive Agreement In connection with the spinoff, the Company entered into several agreements with Fortrea on or prior to the Distribution Date that, among other things, provide a framework for the Company’s relationship with Fortrea after the spinoff, including the following agreements: • a Separation and Distribution Agreement; • a Tax Matters Agreement; • an Employee Matters Agreement; and • a Transition Services Agreement.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
LABCORP HOLDINGS INC. entered into Transition Services Agreement with Fortrea.
- Action
- entry
- Counterparty
- Fortrea
Exact text from the filing
On July 3, 2023, Fortrea’s common stock will begin trading on the NASDAQ Stock Market under the ticker symbol “FTRE.” Item 1.01 Entry into a Material Definitive Agreement In connection with the spinoff, the Company entered into several agreements with Fortrea on or prior to the Distribution Date that, among other things, provide a framework for the Company’s relationship with Fortrea after the spinoff, including the following agreements: • a Separation and Distribution Agreement; • a Tax Matters Agreement; • an Employee Matters Agreement; and • a Transition Services Agreement.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
LABCORP HOLDINGS INC. entered into Employee Matters Agreement with Fortrea.
- Action
- entry
- Counterparty
- Fortrea
Exact text from the filing
On July 3, 2023, Fortrea’s common stock will begin trading on the NASDAQ Stock Market under the ticker symbol “FTRE.” Item 1.01 Entry into a Material Definitive Agreement In connection with the spinoff, the Company entered into several agreements with Fortrea on or prior to the Distribution Date that, among other things, provide a framework for the Company’s relationship with Fortrea after the spinoff, including the following agreements: • a Separation and Distribution Agreement; • a Tax Matters Agreement; • an Employee Matters Agreement; and • a Transition Services Agreement.
View on SEC.gov
This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice.
See methodology for how this pipeline works.