Burlington, N.C.-based Laboratory Corporation of America Holdings entered into a definitive agreement to acquire full ownership in Spokane, Wash.-based Pathology Associates Medical Laboratories, which is jointly owned by Renton, Wash.-based Providence Health & Services and Englewood, Colo.-based Catholic Health Initiatives.
In addition to acquiring ownership in PAML, LabCorp will also acquire PAML's interest in a number of joint venture initiatives, 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.
Under the terms of the transaction, Providence Health & Services, CHI and PAML's joint venture partners will continue to provide all existing inpatient laboratory services at the facilities, while LabCorp will provide all outreach testing services and reference laboratory services. Officials expect to close the transaction by the first quarter of 2018.
"This signature transaction strengthens LabCorp's relationships with anchor health systems and expands LabCorp's geographic presence into important markets," said David King, chairman and CEO of LabCorp. "We have always admired the commitment of PAML, its owners and its joint venture partners to providing high-quality, community-based laboratory services. LabCorp shares that same vision and commitment, and is excited to work with these industry-leading health systems and hospitals as partners to continue to provide these services."