NEW DELHI: Diagnostic services provider Dr Lal PathLabs’s (LPL’s) board on Tuesday approved 100% acquisition of Suburban Diagnostics (India) in an all-cash deal for an enterprise value of Rs 925 crore. The deal, expected to be closed within a month, shall be funded through the existing cash reserves of the company, it added.
“Our joining hands with Suburban Diagnostics is a significant step in LPL’s endeavour to expand our footprint in western India. I am confident that our combined strengths and a similar DNA of both the companies – led by doctor promoters – will lead to new heights in serving our customers across western India,” Dr Lal PathLabs executive chairman Arvind Lal said.
Suburban Diagnostics (India) founder Sanjay Arora said, “By coming together with LPL, I will get the right platform to make this impact at a national level. The core of any healthcare organisation is to add medical value while continuing to drive good governance and positive commercial success.”
Dr Lal PathLabs posted an 11% increase in its consolidated net profit to Rs 96 crore for the September quarter.