Burlington, N.C.-based Laboratory Corporation of America completed its acquisition of Spokane, Wash.-based Pathology Associates Medical Laboratories.
PAML was jointly owned by Renton, Wash.-based Providence Health & Services and Englewood, Colo.-based Catholic Health Initiatives.
Under the agreement, LabCorp will assume ownership interest in PAML and will assume PAML's ownership interest in several joint venture organizations, including Lakewood-based Colorado Laboratory Services; Lexington-based Kentucky Laboratory Services; Salt Lake City-based MountainStar Clinical Laboratories; Renton, Wash.-based PACLAB Network Laboratories; and Kennewick, Wash.-based TriCities Laboratories. LabCorp will also acquire Coeur d'Alene, Idaho-based Alpha Medical Laboratories' assets.
Officials expect the transition of ownership interest for each joint venture to continue through 2017 and into 2018. Officials said there will be no significant changes to the operations or services at any facility until the transfer of ownership interest in each joint venture is complete.
Providence, CHI and other hospital owners that maintain ownership interest in the related joint ventures will continue to provide all inpatient laboratory services during the transition and upon its completion. PAML, along with LabCorp, will also continue providing outreach testing services and reference laboratory services at all joint venture operations once the transactions close.
LabCorp declared its intent to acquire PAML in February.
"For over three decades, LabCorp has focused on comprehensive, deeply-engaged relationships with health systems and hospitals," said David King, chairman and CEO of LabCorp. "The acquisition of PAML furthers this strategy and aligns LabCorp with Providence and CHI, two leading, innovative health systems, and deepens our engagement and growth opportunities with a number of important community-based hospitals across multiple states."