Shearman & Sterling is advising Quest Diagnostics on its acquisition of Solstas Lab Partners Group and its subsidiaries (Solstas) for a total transaction value of approximately $570 million. The company expects to complete the acquisition in the first half of 2014, subject to the satisfaction of customary closing conditions.
Quest Diagnostics is the world's leading provider of diagnostic information services that patients and doctors need to make better healthcare decisions. The company offers the broadest access to diagnostic information services through its 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 diagnostic tests and advanced healthcare information technology solutions that help improve patient care.
Solstas is a portfolio company of Welsh, Carson, Anderson and Stowe, a private-equity firm specializing in information/business services and healthcare businesses. Solstas is a full-service commercial laboratory company based in Greensboro, North Carolina. The company operates in nine states throughout the Southeastern United States, including the Carolinas, Virginia, Tennessee, Georgia and Alabama.