Deal

Corporate team advises on global medtech joint venture

Published: 8th January 2021
Area: Corporate & Commercial

Our corporate team has supported medical equipment businesses Scientific Magnetics and Tecmag – part of Avingtrans – with their upcoming merger with Magnetica.

The merger will mark the fifteenth deal we’ve supported and completed on for Avingtrans in 13 years.

Magnetica, an Australian medtech and engineering company specialising in next-generation MRI technologies, plans to merge with Scientific Magnetics – a UK-based business that designs, manufactures, tests and installs bespoke superconducting magnet systems – and its US subsidiary Tecmag, which manufactures instrumentation for NMR, NQR and MRI markets.

Contracts have now exchanged, but completion of the merger is conditional upon Magnetica’s shareholder approval at a general meeting on January 29.

Subject to completion, Avingtrans, which owns a majority stake in Scientific Magnetics, will become the majority shareholder in the combined business, which will continue to be known as Magnetica.

The combined business will form a key part of Avingtrans’ Medical and Industrial Imaging division moving forward. Scientific Magnetics and Tecmag will become wholly owned subsidiaries of Magnetica.

In addition to the deal, Avingtrans, which designs, manufactures and supplies critical components, modules, systems and associated services to the energy, medical and industrial sectors, will also be investing in the newly formed business, to fund new MRI product development and commercialisation activities.

Keith Spedding, partner and business transaction and growth specialist led the deal. He said: “We’re seeing a lot of activity in the medtech market. It’s a fast moving, innovative industry with its products and services growing in demand. This merger is an excellent fit for all involved and will create a powerhouse of potential as they look to increase accessibility to high quality medical imaging around the world.

“Working with Avingtrans plc for more than a decade has been an exciting journey – we’ve seen them grow rapidly and we have been able to support this growth with our international, corporate and medtech expertise.”

Steve McQuillan, CEO of Avingtrans, said: “The team at Shakespeare Martineau have played a crucial part in our growth success over the years – they understand our business, they understand our sector and help us take a bigger picture view of the market.

“We believe this merger offers real potential to accelerate the planned move up the value chain in what is a highly specialised and integrated, international medical-imaging market.”

Contact us

For further information please contact Keith Spedding or another member of the corporate team.

From inspirational SHMA Talks to informative webinars, we also have lots of educational and entertaining content for life and business. Visit SHMA® ON DEMAND.

How can we help?

Our expert lawyers are ready to help you with a wide range of legal services, use the search below or call us on: 0330 024 0333

SHMA® ON DEMAND

Listen to our SHMA® ON DEMAND content covering a broad range of topics to help support you and your business.

Charities Act 2022 – revolution or evolution?

24 May

Andrew Wilkinson, Partner
Charities Act 2022 – revolution or evolution?

On 24 February 2022, the long-anticipated Charities Bill received Royal Assent becoming the Charities […]

Leicester Curry Club

26 May

Leicester Curry Club

We aim to bring together senior like-minded individuals from across the professional services community […]

Keeping court bundles safe from the dark web

26 May

Clive Read, Partner & Head of Birmingham
Keeping court bundles safe from the dark web

It is vital that chambers and their barristers have strong cyber security measures in […]

Nottingham Curry Club

9 Jun

Nottingham Curry Club

We aim to bring together senior like-minded individuals from across the professional services community […]

Our Latest Thoughts

All the latest views and insights on current topics.

Procurement Bill 2022

20 May

Corporate & Commercial

Procurement Bill 2022

Read article Right Arrow

The new Procurement Bill raises important questions for higher education institutions

19 May

Corporate & Commercial

The new Procurement Bill raises important questions for higher education institutions

Read article Right Arrow

Flexible working requests – will need to wait a little longer

18 May

Corporate & Commercial

Flexible working requests – will need to wait a little longer

Read article Right Arrow

Industrial action participation – protection from detriment cannot be read into TULR(C)A

11 May

Corporate & Commercial

Industrial action participation – protection from detriment cannot be read into TULR(C)A

Read article Right Arrow

Employment spring 2022 update: News in brief

11 May

Corporate & Commercial

Employment spring 2022 update: News in brief

Read article Right Arrow