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Quest Diagnostics to acquire PeaceHealth activities
Posted on Thursday, 16 February 2017 15:36
New York-listed Quest Diagnostics has agreed to take over the outreach laboratory services activities of PeaceHealth Laboratories.
No financial details of the transaction have been disclosed.
Completion of the deal remains subject to the go ahead from regulatory authorities and is expected to follow during the second quarter of 2017.
In addition to the acquisition, the parties have also signed a professional laboratory services agreement which will see Quest manage 11 locations which will continue to be owned by PeaceHealth.
Commenting on the deal, the vendor’s chief executive, Liz Dunne, said the buyer is able to offer significant expertise which will enhance its existing services and increase convenient access to care in the relevant communities.
Both parties said they have a common vision of the future of the healthcare sector and this was also a factor in the decision.
PeaceHealth describes itself as a not-for-profit Catholic health system which serves customers in the states of Washington, Oregon and Alaska.
Founded in 1890, the company employs around 16,000 caregivers and operates 10 medical centres.
Quest Diagnostics’ most recent acquisition closed in February 2016, when it paid an undisclosed consideration for the Connecticut-based Outreach laboratory service business of Clinical Laboratory Partners.
Previous targets have included the laboratory outreach service businesses of MemorialCare Health System and Steward Health, which were picked up in two separate deals in August 2015 and April 2014, respectively.
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