On July 3, 2024, Quest Diagnostics (NYSE: DGX) entered into a definitive agreement to acquire LifeLabs from OMERS for approximately CAN $1.35 billion (USD $985 million), including net debt. The acquisition aimed to accelerate LifeLabs' growth and improve healthcare services for Canada's aging population. LifeLabs would retain its brand, Canadian headquarters, and management post-acquisition. Quest planned to enhance LifeLabs' services, including online scheduling and patient service center processing, and to advance data security. Over 6,500 LifeLabs employees were expected to benefit from Quest's innovations and resources.

OMERS had supported LifeLabs since 2007, contributing to its growth into a leading Canadian laboratory. Quest had recently introduced advanced diagnostic tests in fields such as Alzheimer’s disease, women’s health, oncology, and cardiometabolic health. The transaction was expected to generate CAN $970 million (USD $710 million) in annual revenues, slightly diluting GAAP EPS due to amortization but accretive to adjusted EPS within 12 months post-closing. The acquisition was anticipated to close by the end of the year, subject to customary conditions and Canadian regulatory approvals.

McCarthy Tétrault LLP served as legal advisor to Quest Diagnostics, while Blake, Cassels & Graydon LLP served as legal advisor to OMERS. Evercore and CIBC Capital Markets acted as financial advisors to OMERS.