Quest Diagnostics announced Wednesday that it would acquire Canada-based LifeLabs from pension plan owner OMERS for approximately $1.35 billion (including net debt).
LifeLabs, which provides community laboratory testing, would retain its brand, Canadian headquarters and management upon completion of the acquisition.
The US laboratory operator will acquire 100 percent of LifeLabs' equity and expects to finance the acquisition through cash and debt. Quest expects the deal to generate annual revenue of around $710 million.
The transaction is expected to be completed by the end of the year.
(Reporting by Sneha SK in Bengaluru; Editing by Shilpi Majumdar)