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Quest Enters into Agreement to Buy Back $450M of Stock

NEW YORK (GenomeWeb News) – Quest Diagnostics has entered into an agreement with Goldman Sachs to repurchase about $450 million of its stock, the company said in a document filed with the US Securities and Exchange Commission today.

Quest received an initial 7,242,489 shares of its stock on Monday. The number of shares it will buy back under the accelerated share repurchase agreement will be based on the average of the daily volume-weighted average price per share of its stock during the repurchase period.

The transaction is expected to be completed in the third quarter of 2013, Quest said in its SEC document.

Earlier in the month, Quest sold its HemoCue business to Danaher's Radiometer for $300 million. Proceeds from the sale would be used to repurchase its stock, Quest said.