Cinven-backed Labco completed the meger with Synlab, a German headquartered provider of human and veterinary laboratory services and environmental analysis across Europe, in a €1.7bn deal. "The European diagnostics laboratories market is characterised by strong volume growth, coupled with reduced capacity and high barriers to entry. In particular, the sector benefits from favourable long-term growth trends due to demographics, the cost benefits of early detection of diseases, increased patient choice and advances in medical technology. We believe that the combination of Labco and Synlab, two highly complementary businesses, will provide clear benefits for patients and payors across Europe and will create a European champion in the industry," Alex Leslie, Cinven Senior Principal.