LYNDHURST, N.J., Nov 01, 2005 /PRNewswire-FirstCall via COMTEX News Network/ -- Quest Diagnostics
Incorporated (NYSE: DGX) announced today that it had completed the all-cash
acquisition of LabOne, Inc. (Nasdaq: LABS) in a transaction valued at
$934 million. The acquisition was funded primarily with proceeds from the sale
of $900 million of senior notes on October 31, 2005.
Headquartered in Lenexa, Kansas, LabOne provides health screening and risk
assessment services to life insurance companies, as well as clinical
diagnostic testing services to healthcare providers and drugs-of-abuse testing
to employers. LabOne reported revenues of $468 million for the year ended
December 31, 2004, and has 3,100 employees. LabOne operates major laboratories
in Lenexa, Kansas, and Cincinnati, Ohio, as well as a state-of-the-art call
center in Lee's Summit, Missouri, and provides paramedical examination
services throughout the United States and Canada. LabOne's common stock was
delisted from Nasdaq today.
About Quest Diagnostics
Quest Diagnostics is the leading provider of diagnostic testing,
information and services that patients and doctors need to make better
healthcare decisions. The company offers the broadest access to diagnostic
testing services through its national network of laboratories and patient
service centers, and provides interpretive consultation through its extensive
medical and scientific staff. Quest Diagnostics is a pioneer in developing
innovative new diagnostic tests and advanced healthcare information technology
solutions that help improve patient care. Additional company information is
available at: http://www.questdiagnostics.com .
The statements in this press release which are not historical facts or
information may be forward-looking statements. These forward-looking
statements involve risks and uncertainties that could cause actual results and
outcomes to be materially different. Certain of these risks and uncertainties
may include, but are not limited to, competitive environment, changes in
government regulations, changing relationships with customers, payers,
suppliers and strategic partners and other factors described in the Quest
Diagnostics Incorporated or LabOne, Inc. 2004 Forms 10-K and subsequent
filings.
SOURCE Quest Diagnostics
Laure Park,
Investors,
+1-201-393-5030,
or Gary Samuels,
Media,
+1-201-393-5700