ZURICH (Reuters) - Swiss inspections group SGS SGSN.S is buying Synlab's analytics & services unit for 550 million euros ($650.32 million), as the German company focuses on its medical business, including COVID-19 testing for European soccer, ahead of a planned share listing.
Adjusted operating income rose year-on-year, SGS added, without providing figures, while conceding new regional COVID-19 lockdowns could still hurt sales this year.
The deal for the Synlab unit, with 202 million euros in revenue in 2019 and roughly 2,000 employees, would be fully funded from existing financial resources, Chief Executive Frankie Ng said.
The unit does analysis and testing for sectors including environment, food, hygiene, pharma and products.
“While Synlab is concentrating on its core medical activities, (analytics & services) will benefit from new growth prospects,” Synlab Chief Executive Mathieu Floreani said.
Frankie Ng, ” Ng, ”, Mathieu Floreani
SGS SGSN.S, SGS, Life Sciences, Reuters, UEFA