Quest Diagnostics To Buy Solstas Lab Partners For $570 Mln - Quick Facts

(RTTNews) - Quest Diagnostics Inc. (DGX) has agreed to acquire Solstas Lab Partners Group and its units for around $570 million. Solstas is a portfolio company of Welsh, Carson, Anderson and Stowe, a private-equity firm specializing in information/business services and healthcare businesses.

Solstas is a full-service commercial laboratory company based in Greensboro, North Carolina. The company operates in 9 states across the Southeastern United States, including the Carolinas, Virginia, Tennessee, Georgia and Alabama.

The transaction, which may close in the first half of 2014, is likely to add nearly 5% in annualized revenues, about 1% of which would be from professional lab services, and be modestly accretive to adjusted earnings per share in 2014.