Medical laboratory company Sonic Healthcare (ASX:SHL)
has acquired US pathology company ProPath, based in Texas.
While the price was not specified, Sonic said ProPath has around US $110 million in annual revenue and serves more than 20 hospital groups across 45 states. Sonic said the acquisition is a very significant step in the ongoing development of Sonic’s AP and clinical laboratory operations in the US.
“ProPath has an outstanding reputation as a top-quality pathology company, with outstanding pathologists, managers and staff who have driven strong organic growth over decades based on clinical expertise and focus on physician and patient satisfaction,” said Sonic’s CEO Colin Goldschmidt.
The acquisition was funded from cash and available debt lines, and will be immediately earnings per share accretive, according to Sonic.
Shares in Sonic Healthcare (ASX:SHL)
are trading 0.8 per cent lower at $43.88.