OMERS sells LifeLabs to Quest Diagnostics, aiming to boost growth and improve healthcare services
Ontario pension fund manager OMERS has sold medical lab company LifeLabs to US-based Quest Diagnostics in a deal valued at $1.35bn, including debt, as reported by BNN Bloomberg.
Quest Diagnostics chairperson and CEO Jim Davis believes the acquisition will enable LifeLabs to accelerate growth and improve health care services. OMERS, which bought LifeLabs in 2007, has helped expand the business over the years.
The agreement ensures that LifeLabs will keep its brand, Canadian headquarters, and management after the deal is finalized. Quest Diagnostics plans to enhance LifeLabs' operations with improved online appointment scheduling and faster processing at patient service centres.
OMERS manages the pension fund for Ontario's municipal employees and retirees.
