NEW YORK — Laboratory Corporation of America said Tuesday that it has entered into an agreement to acquire select assets of Providence Oregon's laboratory business for an undisclosed amount.
Under the deal, which is an expansion of an ongoing strategic relationship between the two companies, Labcorp will acquire Providence Oregon's outreach lab business and other select assets in Oregon, while Providence will maintain operation and ownership of certain anatomic pathology and genomics outreach testing as well as its hospital laboratories.
Labcorp currently provides lab services to several Providence affiliate medical facilities as well as reference testing for facilities across multiple states served by Providence in the western United States.
"We routinely evaluate how to best deliver healthcare services to the communities we serve," William Olson, chief executive of Providence Oregon, said in a statement. "Labcorp will meet the rapidly changing needs of patients and providers through ongoing comprehensive, quality laboratory services."
The transaction is expected to close later in 2023, subject to customary conditions and regulatory approvals.