Sonic Healthcare acquires Medisupport S.A. for $29.8 million, millions of shares

Sonic Healthcare Limited has announced the signing of binding agreements to acquire Medisupport S.A, a Swiss medical laboratory group, for approximately $29.8 million and over three million shares of Sonic stock. The deal is expected to be completed in July.

“Our further expansion in the Swiss laboratory market is a logical step for Sonic Healthcare, as we move to strengthen our position in Europe,” Sonic CEO Colin Goldschmidt said in a statement. “We are excited to partner with a laboratory group of such high quality and which shares our culture and values in such a remarkably similar way.”

In its statement, Sonic says Medisupport S.A. “has built impressive, cutting-edge capabilities in medical and scientific quality, eHealth solutions and personalised service to its customers.” Medisupport has more than 700 employees based out of 10 Swiss cities and annual revenues of approximately $172 million. Medisupport’s founders and partners will stay with the company as executives.

Sonic is an international healthcare company based out of Australia with employees in Australia, New Zealand, the United States, the United Kingdom, Germany, Switzerland, Belgium and Ireland. Sonic specializes in providing radiology and laboratory services to healthcare providers. Its team of radiologists and nuclear physicians perform more than 2 million exams per year. Sonic reported total revenue in 2014 of over $3 billion.