(Reuters) — Charles River Laboratories International Inc said it would buy privately held WIL Research for about $585 million in cash to enhance its contract research business and expand in continental Europe.
The purchase of the Ashland, Ohio-based firm will add at least 20 cents per share to adjusted earnings in 2016, and 45 to 50 cents per share in 2017, Charles River said.
The deal is expected to add $150-$170 million to revenue in 2016 and $240-$250 million in 2017.
The transaction, funded with cash and credit facility, is expected to close early in the second quarter of 2016.
Shares of the Wilmington, Massachusetts-based company closed at $76.39 on the New York Stock Exchange on Wednesday.
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