OMERS selling LifeLabs to Quest Diagnostics in deal valued at $1.35 billion
TORONTO — Ontario pension fund manager OMERS has signed a deal to sell medical lab company LifeLabs to U.S.-based firm Quest Diagnostics in a deal valued at $1.35 billion including debt.
Quest Diagnostics chairman and chief executive Jim Davis says the deal is based on the belief that the company can help LifeLabs accelerate growth and improve health care.
OMERS purchased LifeLabs in 2007 and helped grow the business.
Under the deal, the companies said LifeLabs will retain its brand, Canadian headquarters and management once the deal is closed.
Quest is expected to help LifeLabs with improved online appointment scheduling and faster patient service centre processing.
OMERS is the pension fund manger for municipal employees and retirees in Ontario.
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