Quest Diagnostics announced plans to acquire select outreach laboratory assets of University Hospitals in Ohio, adding to those at nearby OhioHealth that Quest announced in July.
University Hospitals is an academic medical center and community hospital network in Cleveland, while OhioHealth is a not-for-profit health system in central Ohio. The anticipated deals follow others, such as the acquisition of long-time Canadian reference lab partner LifeLabs earlier this year, and certain lab assets of the nonprofit Allina Health that serves Minnesota and western Wisconsin.
Quest has been looking to gain a foothold in markets where independent laboratories have low share, Quest's chairman, CEO, and president James Davis said on a recent earnings call.
The University Hospital transaction is expected to be completed in the fourth quarter of 2024, according to Quest. The Allina and OhioHealth transactions are expected to be completed in the third quarter. Financial details were not disclosed.
