By Stuart Condie

SYDNEY--Australian pathology services provider Sonic Healthcare Ltd. agreed to pay 190 million euros (US$206.0 million) to acquire German laboratory chain Diagnosticum.

Sonic on Monday said that founder-led Diagnosticum, which operates 15 laboratories and employs 25 pathologists, is expected to generate 65 million euros of revenue in the 2024 fiscal year. Sonic reported 4.08 billion Australian dollars (US$2.73 billion) of revenue in 1H of fiscal 2023.

The all-cash acquisition is not material but will immediately be earnings-per-share accretive when it closes before the end of the 2023 calendar year, Sonic said. The majority of the purchase price is tax deductible in Germany over 15 years as goodwill amortization, it added.

Write to Stuart Condie at stuart.condie@wsj.com

(END) Dow Jones Newswires

April 02, 2023 19:34 ET (23:34 GMT)

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