Quest Diagnostics to complete acquisition of AmeriPath on Thursday

By Lisa Kerner

Charlotte, N.C., May 30 - Quest Diagnostics Inc. said it plans to complete the acquisition of AmeriPath, Inc. on May 31 following expiration of the Hart-Scott-Rodino waiting period on May 29.

The companies announced a definitive agreement on April 16. Quest will acquire AmeriPath in an all-cash transaction valued at about $2 billion, including some $770 million in debt, according to a company news release.

Quest Diagnostics said proceeds from a new $1 billion one-year bridge loan and a new five-year $1.5 billion term loan, both underwritten by Morgan Stanley, will be used to finance the transaction, to refinance AmeriPath's existing debt and to refinance the debt from the HemoCue acquisition completed earlier this year.

AmeriPath is a diagnostic test company based in Palm Beach Gardens, Fla., that is controlled by equity investment firm Welsh, Carson, Anderson and Stowe.

Quest Diagnostics, located in Lyndhurst, N.J., provides diagnostic testing, information and services.

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