LabCorp acquires partnership units from noncontrolling interest holder in Ontario, Canada joint venture

Laboratory Corporation of America^® Holdings (LabCorp^®) (NYSE:LH) announced today that on February 8, 2010 it completed a transaction to acquire the partnership units from the holder of the noncontrolling interest in the Company’s Ontario, Canada joint venture in accordance with the terms of the joint venture’s partnership agreement. The purchase price of the noncontrolling interest’s units was CN $147.8 million. On February 17, 2010, the Company completed a transaction to sell the units acquired from the previous noncontrolling interest holder to a new Canadian partner for the same price. Upon the completion of these two transactions, the Company’s financial ownership percentage in the joint venture partnership remained unchanged at 85.6%. Concurrent with the sale to the new partner, the partnership agreement for the Ontario Canada joint venture was amended and restated with substantially the same terms as the previous agreement.