Deal: Herbert Smith Freehills has advised Paragon Care Limited on its successful acquisition of ASX-listed Quantum Health Group by way of a scrip scheme of arrangement for a total of approximately $100 million.

Value: Undisclosed

Area: M&A   

Key players: The Herbert Smith Freehills team was led by partner Clayton James and senior associate Li-Lian Yeo, who were supported by solicitors Mark Simkiss and Stephanie Simm.

The team worked closely with Paragon’s core deal team, which included chair Shane Tanner, non-executive director Mark Simari, and chief financial officer Stephen Munday.

In addition, Liverpool Partners acted as financial adviser to Paragon, and Johnson Winter & Slattery acted as legal advisers to Quantum.

Deal significance: The merger, which was successfully implemented on 16 February 2022, is set to have the merged entity stand as a leading medical equipment, devices, consumable, and healthcare service business, creating an extensive distribution channel for global suppliers to deal efficiently with one distributor across multiple diverse and complex markets in Asia-Pacific. Following implementation, Quantum shareholders hold approximately 43.83 per cent of the merged entity, and Paragon shareholders hold approximately 56.17 per cent.

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Commenting on the deal, Mr James said: “This merger was a step change for Paragon as it builds a fifth pillar in its business through Quantum to expand its geographical reach into Asia Pacific. We are delighted to have played a part in this important transaction and to work alongside the Paragon team.”