Nichols Institute, a medical laboratory operator based...

Nichols Institute, a medical laboratory operator based in San Juan Capistrano, on Wednesday completed its previously announced acquisition of North Central Laboratories Inc., a clinical laboratory in St. Cloud, Minn. To consummate the deal, Nichols Institute gave the shareholders of North Central Laboratories $2.7 million in cash and about 77,200 shares of a new issue of preferred Nichols stock that is convertible into 150,000 shares of Nichols common stock. It is the fourth clinical laboratory acquired by Nichols this year. All four deals were designed to expand the company into lesser populated areas of the Midwest. The acquired laboratories will do routine clinical tests and send more complicated tests to Nichols’ central reference laboratory in San Juan Capistrano.