LifeLabs Medical Laboratory Services agreed to buy CML Healthcare Inc., an Ontario-based diagnostic services provider, for C$10.75 a share, a premium of 49 percent to the closing price on June 24.

The transaction value, including debt of C$255 million ($242 million), is about C$1.22 billion ($1.16 billion), CML said today in a statement. The purchase, under an “arrangement agreement,” has been approved by the boards of CML, LifeLabs and the Ontario Municipal Employees Retirement System, an indirect owner of LifeLabs, CML said.

Subscribe Now

Complete access to real-time information and analysis of news and trends in the industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.