---
schema_version: "secwatch.filing_event.v1"
accession: "0000920148-23-000050"
form_type: "8-K"
ticker: "LH"
cik: "0000920148"
company_name: "LABCORP HOLDINGS INC."
filed_at: "2023-07-03T23:59:59+00:00"
generated_at: "2026-06-13T13:35:19.091007+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Labcorp completes spin-off of Fortrea; receives $1.6B cash, plans $1B buyback

## Summary
- 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.

## SEC filing metadata
- accession: 0000920148-23-000050
- form_type: 8-K
- ticker: LH
- cik: 0000920148
- company_name: LABCORP HOLDINGS INC.
- filed_at: 2023-07-03T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 2.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/920148/000092014823000050/0000920148-23-000050-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/920148/000092014823000050/lh-20230630.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000920148-23-000050
- JSON: https://secwatch.observer/filing/0000920148-23-000050.json
- Plain text: https://secwatch.observer/filing/0000920148-23-000050.txt

## Key facts
- M&A Transactions
  LABCORP HOLDINGS INC. completed a disposition involving Fortrea Holdings Inc. (closed 2023-06-30).
  - Action: disposition
  - Counterparty: Fortrea Holdings Inc.
  - Closing: 2023-06-30
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/920148/000092014823000050/0000920148-23-000050-index.htm
- Material Agreements
  LABCORP HOLDINGS INC. entered into Tax Matters Agreement with Fortrea.
  - Action: entry
  - Counterparty: Fortrea
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/920148/000092014823000050/0000920148-23-000050-index.htm
- Material Agreements
  LABCORP HOLDINGS INC. entered into Separation and Distribution Agreement with Fortrea.
  - Action: entry
  - Agreement: supply
  - Counterparty: Fortrea
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/920148/000092014823000050/0000920148-23-000050-index.htm
- Material Agreements
  LABCORP HOLDINGS INC. entered into Transition Services Agreement with Fortrea.
  - Action: entry
  - Counterparty: Fortrea
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/920148/000092014823000050/0000920148-23-000050-index.htm
- Material Agreements
  LABCORP HOLDINGS INC. entered into Employee Matters Agreement with Fortrea.
  - Action: entry
  - Counterparty: Fortrea
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/920148/000092014823000050/0000920148-23-000050-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.