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Quest Diagnostics Acquires ConVerge Diagnostic Services

MADISON, N.J. and PEABODY, Mass., Oct. 7, 2013 /PRNewswire/ -- Quest Diagnostics (NYSE: DGX), the world's leading provider of diagnostic information services, announced today that it has acquired ConVerge Diagnostic Services, LLC from Water Street Healthcare Partners, a strategic investor focused exclusively on the health care industry. ConVerge is a leading full-service laboratory providing clinical, cytology and anatomic pathology testing services to patients, physicians and hospitals in New England. Financial terms of the transaction were not disclosed.

(Logo: http://photos.prnewswire.com/prnh/20130717/NY48934LOGO)

The transaction includes ConVerge's laboratory in Peabody, Massachusetts, and its patient service centers operating in Massachusetts, New Hampshire and Connecticut. ConVerge will operate as a wholly-owned subsidiary of Quest Diagnostics and its laboratory will operate as part of Quest Diagnostics' national laboratory network. Over time, the ConVerge laboratory is expected to be integrated into a state-of-the-art laboratory facility Quest Diagnostics is building in Marlborough, Mass.

"ConVerge is our fourth laboratory acquisition this year, and the second in Massachusetts, underscoring our commitment to the state and New England," said Steve Rusckowski, President and CEO, Quest Diagnostics. "As a regional leader in women's health that is also recognized for customer service, medical expertise and innovation, ConVerge is a strong strategic fit with our business. The addition of ConVerge to the Quest family will extend the range of diagnostic information services patients and providers can access in the region while also combining the considerable medical leadership of both companies to spur new innovations that improve patient outcomes."

"This acquisition is consistent with our five-point strategy unveiled last year, which includes the strategy to deliver disciplined capital deployment," said Mr. Rusckowski. "One of our capital deployment objectives is to grow one to two percent a year through strategically aligned, accretive fold-in acquisitions."

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