Australia's Sonic Healthcare said it agreed to acquire Germany-based Medical Laboratory Bremen for a purchase price of €63 million, cash and debt free.

Medical Laboratory Bremen operates two laboratories and has annual revenues of about €30 million and a workforce of about 275.

Sonic will fund the transaction through its cash and debt facilities. The company expects the transaction to be accretive to EPS by about 2% in the first year.

The deal is expected to close in July and is subject to antitrust approval and customary closing conditions.

Sonic added that it has completed transactions, announced November 2016, for Staber Laboratory Group and GLP Systems.