LifeLabs Medical Laboratory Services Completes $1.22 Billion Acquisition of CML HealthCare Inc.
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Goodmans represented CML HealthCare Inc. ("CML") in its acquisition by LifeLabs Medical Laboratory Services (“LifeLabs”) on October 1, 2013 for $965 million in cash and the assumption of $255 million in debt for a total transaction value of $1.22 billion. The acquisition was carried out pursuant to a statutory plan of arrangement under the Business Corporations Act (Ontario).
Concurrent with the acquisition of CML by LifeLabs, CML undertook completion of the divestiture of its diagnostic imaging operations, with the exception of its MRI/CT operations in Ontario.
LifeLabs is a Canadian-owned provider of community laboratory services with over 50 years of experience providing laboratory testing services helping healthcare providers diagnose, treat, monitor and prevent disease in patients. LifeLabs is indirectly owned by OMERS Administration Corporation, whose interest is managed by Borealis Infrastructure. As a result of its acquisition of CML, LifeLabs is now one of the largest laboratory services providers in the world, as well as being the largest in Canada.
Based in Mississauga, Ontario, CML HealthCare Inc. is a leading Canadian community-based, medical diagnostic services provider. In addition to its network of 114 Client C.A.R.E. Centres in Ontario, CML also includes Hemostasis Reference Laboratory, focused on specialized coagulation testing and equipment calibration for international customers; CML Bioanalytics, a specialty laboratory providing customized clinical trial testing for the biotechnology and pharmaceutics industries; and Rocky Mountain Analytics, providing specialized testing for naturopaths and physicians practicing integrated medicine in Canada.