Quest Diagnostics to acquire Solstas Lab Partners for $570M Quest Diagnostics announced that it has entered into a definitive agreement under which Quest will acquire Solstas Lab Partners Group and its subsidiaries for a total transaction value of approximately $570M. Quest Diagnostics expects the transaction to add approximately 5% in annualized revenues, about 1% of which will be from professional lab services, and be modestly accretive to adjusted earnings per share in 2014. The company expects to complete the acquisition in the first half of 2014, subject to the satisfaction of customary closing conditions.
LabCorp downgraded to Hold from Buy at Deutsche Bank Deutsche Bank downgraded LabCorp (LH) to Hold saying revenue synergies from the Covance (CVD) acquisition are "hard to envision." The firm believes LabCorp is now less of a pure play in the Clinical Labs space and lowered its price target for shares to $115 from $120. Deutsche coupled the downgrade with an upgrade of peer Quest (DGX).