A major medical testing company has moved a step closer to completing the acquisition of a major life insurance underwriting support firm.[@@]
Shareholders of LabOne Inc., Lenexa, Kan., voted today at a special meeting to endorse plans by Quest Diagnostics Inc., Lyndhurst, N.J., to acquire LabOne for $934 million in cash.
Regulators already have approved the deal, and Quest says it and LabOne hope to complete the deal in the first week of November.
Quest also says it hopes to combine LabOne’s operations with its own in 2 years and generate about $30 million in annual cost savings.
Quest, one of the biggest medical lab test companies in the United States, announced plans to acquire LabOne in August.
Quest has 39,000 employees and generated $5.1 billion in 2004 revenue.
LabOne has 3,000 employees and generated $468 million in 2004 revenue.