Laboratory Corp. of America Holding, a Burlington, N.C.-based company that does business as LabCorp, announced this afternoon that it has agreed to acquire Spokane-based Pathology Associates Medical Laboratories, as well as PAML’s interest in a number of joint ventures.

The announcement follows days of speculation that such an acquisition was imminent.

Providence Health & Services and Catholic Health Initiatives, which currently own PAML, and LabCorp decline to disclose terms of the transaction.

The acquisition is subject to customary closing conditions, including clearance of federal antitrust laws, and isn’t expected to be completed until 2018. Until then, both parties said in a release, changes in operations or services at PAML or the affected joint venture aren’t anticipated.

As of last Dec. 1, PAML had about 730 full-time equivalent employees in Spokane County and about 1,850 workers outside of the county.

PAML and its joint ventures provide laboratory services in Washington, Idaho, Oregon, Montana, Utah, California, Colorado, and Kentucky.

LabCorp, a S&P 500 company, had $9 billion-plus in earnings last year. It employs 50,000 people in 60 countries