Quest to Sell Contracts in Effort to Buy Unilab

Quest Diagnostics Inc. agreed to sell four California medical test contracts to Laboratory Corp. of America in a bid for antitrust clearance for its $813-million acquisition of Tarzana-based Unilab Corp.

Teterboro, N.J.-based Quest, the largest operator of U.S. medical testing labs, said it would sell the contracts with four Northern California independent physicians associations that generate $27 million in revenue.

Quest said No. 2 medical-lab firm LabCorp, based in Burlington, N.C., would pay $4.5 million in cash for the contracts and leases to 46 patient-service centers and labs.

Unilab shares rose 3 cents to $18.43 on Nasdaq.

Shares of Quest fell 90 cents to $52.55, and LabCorp dropped 22 cents to $25.97, both on the NYSE.