Madison, N.J.-based Quest Diagnostics, an international provider of clinical and laboratory services, has entered into a definitive agreement to acquire the outreach laboratory service business of Clinical Laboratory Partners, a wholly-owned subsidiary of Hartford (Conn.) HealthCare.
Here are seven things to know about the deal.
1. Under the agreement, CLP will transition laboratory testing now provided by its lab in Newington, Conn., to Quest's rapid-response clinical laboratories in the Connecticut cities of Stratford, Torrington and Wallingford, and full-service clinical laboratory in Marlborough, Mass.
2. The acquisition also includes several CLP patient service centers and other select assets.
3. The transaction does not include Hartford HealthCare's hospital-based laboratories and the inpatient and outpatient services they provide. They will remain part of Hartford HealthCare.
4. The transaction, once completed, is expected to "enhance access to quality, affordable and convenient laboratory services for people in Connecticut," officials said. They say it also will leverage Quest's scale and expertise to produce more cost-effective testing.
5. The involved parties also plan to look at opportunities to collaborate in population health and data analytics, among other areas, based on Quest's laboratory data.
6. The organizations expect to complete the transaction early next year.
7. Financial terms of the deal were not disclosed.
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