Quest to Sell Contracts in Effort to Buy Unilab
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Quest Diagnostics Inc. agreed to sell four California medical test contracts to Laboratory Corp. of America in a bid for antitrust clearance for its $813-million acquisition of Tarzana-based Unilab Corp.
Teterboro, N.J.-based Quest, the largest operator of U.S. medical testing labs, said it would sell the contracts with four Northern California independent physicians associations that generate $27 million in revenue.
Quest said No. 2 medical-lab firm LabCorp, based in Burlington, N.C., would pay $4.5 million in cash for the contracts and leases to 46 patient-service centers and labs.
Unilab shares rose 3 cents to $18.43 on Nasdaq.
Shares of Quest fell 90 cents to $52.55, and LabCorp dropped 22 cents to $25.97, both on the NYSE.
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