French medical biology laboratories operator Cerba HealthCare SAS is acquiring some of South African pathology laboratories operator Lancet Laboratories’ operations for up to 12.5 billion shillings ($123 million) to extend its operations in Africa.

Cerba HealthCare will hold a 51 percent stake in a joint venture, Cerba Lancet Africa, with Lancet that will operate in 11 African countries.

The joint venture intends to extend into several other African markets by collaborating with local businesses. The development will be financed jointly by Cerba and Lancet and bank financing.

Cerba Lancet Africa intends to start operations in five French-speaking sub-Saharan African nations and Ethiopia by 2024.