Mergers and Acquisitions Recap: Quest Buys UMass Unit, Latest TNK-BP Episode
Quest Diagnostics (NYSE:DGX) has acquired the clinical outreach laboratory division of UMass Memorial Medical Center, which is a member of UMass Memorial Health Care and also the biggest health care system in Central New England. Financials of the purchase were not divulged. The buyer expects that the deal will bring 1 percent to consolidated revenues, and be neutral to earnings per share this year, but accretive to earnings next year.
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More TNK-BP news as the four Russian-based billionaires who control 50 percent of the joint venture will divest their interest to Rosneft Oil Co. (RNFTF.PK) for $28 billion, according to Sky News. BP (NYSE:BP) would like to sell its 50 percent share in TNK-BP as well, and the amount that Rosneft is paying is higher than that would have been anticipated. The offer deadline set for Thursday morning, and it’s thought that this latest move will not affect BP’s plans to sell. A later Wall Street Journal report has it that BP is close to selling its stake in the joint venture to the Rosneft in a cash and shares transaction worth $25 billion.
CME Group (NASDAQ:CME) will acquire the Kansas City Board of Trade in a cash deal worth $126 million. In terms of the wheat market, the hard red winter variety trades in Kansas City while the sector benchmark soft red winter wheat dominates in Chicago.