Madison-based Quest Diagnostics announced today it has acquired Massachusetts-based ConVerge Diagnostic Services from strategic investment company Water Street Healthcare Partners. Financial terms were not disclosed.
According to the announcement, the transaction includes ConVerge's laboratory in Peabody, Massachusetts, and its patient service centers operating in Massachusetts, New Hampshire and Connecticut. ConVerge will operate as a wholly-owned subsidiary of Quest Diagnostics and its laboratory will operate as part of Quest Diagnostics' national laboratory network. Over time, the ConVerge laboratory is expected to be integrated into a state-of-the-art laboratory facility Quest Diagnostics is building in Marlborough, Mass.
Quest Diagnostics expects the ConVerge transaction to be neutral to adjusted earnings per share in 2013 and modestly accretive to earnings per share in 2014, the company said in a statement.