Nichols Institute, an operator of clinical laboratories in San Juan Capistrano, has signed a definitive agreement to complete a previously announced acquisition of North Central Laboratories in St. Cloud, Minn.
The transaction, which the company valued at $7.5 million, has been approved by the Nichols and North Central boards. It now must go to a vote of North Central shareholders.
If consummated, it will be Nichols' third acquisition of clinical diagnostic laboratories since the first of the year, part of an effort to increase the company's presence in the Midwest.
The laboratories are expected to send additional work to Nichols' San Juan Capistrano reference laboratory, which specializes in performing difficult diagnostic tests that cannot be done in high-volume clinical laboratories.