Quest Diagnostics (NYSE:DGX) announced that it has entered into an acquisition agreement with OMERS to buy LifeLabs for approximately $985 million.

The purchase includes both common shares of LifeLabs and partnership interests of BPC Lab Finance.

Quest plans to retain LifeLabs' brand, headquarters, and management while leveraging new expertise and innovations to enhance services.

The transaction is expected to close by the end of the year.