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.

Employment: Jab or no jab – mock employment tribunal

29 Sep

Natasha Jasinska, Paralegal | Robin Gronbech, Solicitor | Lubna Laheria, Solicitor | Emma Oliver, Associate | Helen Hughes, Legal Director | Michael Hibbs, Partner | Matt McDonald, Partner
Employment: Jab or no jab – mock employment tribunal

Join us for a 3 hour virtual employment mock tribunal as we lead you […]

Legal dos and don’ts for fast growing tech businesses

29 Sep

Helen Molloy, Partner | Kerry Russell, Legal Director
Legal dos and don’ts for fast growing tech businesses

We will guide you through the legal life cycle of a fast-growing tech company, […]

Grandparents rights: when there is a family dispute involving grandchildren

1 Oct

Katherine Marshall, Partner | Matt Parr, Legal Director | Tom Ansell, Partner
Grandparents rights: when there is a family dispute involving grandchildren

The first of our series of three family webinars will align to Grandparents Day […]

Retirement housing: Avoiding costly planning appeals: what needs to change in national and local planning policies

5 Oct

Louise Drew, Partner & Head of Building Communities | Simon Stanion, Partner
Retirement housing: Avoiding costly planning appeals: what needs to change in national and local planning policies

In this webinar, we will be joined by a panel of experts to explore: […]

Our Latest Thoughts

All the latest views and insights on current topics.

Menopause policy and the gender pay gap

17 Sep

Employment

Menopause policy and the gender pay gap

Read article Right Arrow

Our teams complete £369m AUM transfer for Mobeus Venture Capital Trusts

17 Sep

Firm News

Our teams complete £369m AUM transfer for Mobeus Venture Capital Trusts

Read article Right Arrow

Certain key insolvency measures to be phased out

10 Sep

Corporate & Commercial

Certain key insolvency measures to be phased out

Read article Right Arrow

Recruitment challenges lie ahead for the social care sector

9 Sep

Business Immigration

Recruitment challenges lie ahead for the social care sector

Read article Right Arrow

Immigration expert joins Shakespeare Martineau

7 Sep

Firm News

Immigration expert joins Shakespeare Martineau

Read article Right Arrow