Roche selling stake in LabCorp of America
Roche of Switzerland has announced plans to raise almost 1 billion Swissfrancs ($577.1 million) through the sale of part of its stake in Laboratory Corp of America. Roche is looking to sell up to 5 million shares of its 15.4 million-share stake in the company, which is one of the world's largest clinical testing laboratories, reducing its ownership of LabCorp common stock to around 30%.
The Swiss firm acquired a 49.9% stake in LabCorp in 1995 after it merged Roche Biomedical Laboratories, a US subsidiary, with National Health Laboratories. LabCorp posted revenues of $1.7 billion in 1999, and has over 100,000 clients in the USA. The company's share price currently stands at around the $120 level and its market capitalization is just over $4 billion.
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