Quest Diagnostics , a provider of diagnostic information services based in Secaucus, announced it will acquire the Shiel Medical Laboratory business from Fresenius Medical Care, a health care company focused on renal and other chronic conditions.
The transaction, according to Quest, is structured as a purchase of assets and is expected to close in the fourth quarter of 2017. Financial terms were not disclosed.
Shiel is a clinical laboratory provider serving the New York-New Jersey metropolitan area.
"By joining forces with Shiel, physicians and patients in the New York-New Jersey region will have broader access to Quest's diagnostic insights and innovations," said Steve Rusckowski, chairman, CEO and president, Quest Diagnostics. "The acquisition will also deliver on Quest's strategy to accelerate growth and drive operational excellence through strategically aligned, accretive acquisitions."
"The sale of Shiel Medical Laboratory will optimize the growth profile of our portfolio of Care Coordination activities in the U.S.," said Rice Powell, CEO of Fresenius Medical Care. "Based on the business' development relative to our original expectations we're keen to focus on areas offering superior growth and benefits for our core activities. With this transaction, Shiel's customers will have access to even more diagnostic expertise. Ensuring a smooth transition will be a priority."
The acquisition is expected to expand Quest’s patient service centers in the region. Shiel currently provides laboratory services in Rockleigh and Brooklyn. Its services, once the acquisition close, will transition to Quest’s flagship clinical laboratory in Teterboro.