Quest Diagnostics to acquire LifeLabs from OMERS for C$1.35B (~US$985M)

QUEST DIAGNOSTICS INC

Cash purchase price of ~C$1.35B (US$985M) including net debt, funded with cash and debt.
LifeLabs generates ~C$970M (US$710M) annual revenue; deal slightly dilutive to GAAP EPS but accretive to adjusted EPS in first 12 months.
LifeLabs will retain its brand, Canadian HQ, and management; Quest to provide expertise and resources.
Closing expected by end of 2024, subject to Canadian regulatory approvals and key customer consents.
LifeLabs has >6,500 employees and is a leading Canadian community lab; existing reference relationship with Quest.

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