Processing Magazine

GlaxoSmithKline Sells Stake in Quest for $1.7 Billion

February 2, 2011

According to MarketWatch, GlaxoSmithKline PLC has sold its entire shareholding in Quest Diagnostics Inc. for about $1.7 billion. Net of tax, GlaxoSmithKline expects to receive cash proceeds of approximately $1.1 billion. The British firm originally acquired the stake as partial consideration for the sale of its laboratories business in 1999 and has since gradually reduced it in stages.