Navigate this market better. Subscribe for FREE stock alerts and information.

Wednesday, January 22, 2014

Quest Diagnostics to purchase Solstas for $570 mln, (NYSE: DGX)

Quest Diagnostics Inc, a provider of laboratory test services, said it would purchase Solstas Lab Partners Group for about $570 million to expand into the U.S. Southeast. Quest said it expected the deal to add about 5 percent to annualized revenue as well as add modestly to adjusted earnings in 2014.Solstas, owned by private equity firm Welsh, Carson, Anderson and Stowe, operates in nine states including North and South Carolina, Virginia, Tennessee, Georgia and Alabama.Quest shares were up 0.2 percent at $54.64 in early trading on the New York Stock Exchange.

Quest Diagnostics Incorporated (Quest Diagnostics), is a provider of diagnostic testing, information and services, providing insights that enable patients and physicians to make healthcare decisions. Shares of DGX traded higher by 0.18% or $0.1/share to $54.63. In the past year, the shares have traded as low as $51.90 and as high as $64.10. On average, 2361000 shares of DGX exchange hands on a given day and today's volume is recorded at 159885.