Deal: Gadens have advised The Citadel Group Limited (Citadel) on its $198 million acquisition of leading UK radiology and maternity software solutions provider, Wellbeing Software Group – a transaction which positions Citadel as a global healthcare software company.

Value: $198 million.

Area: M&A

Key players: Corporate partner Jeremy Smith and senior associate Steven Wambeek led the transaction, along with banking and finance special counsel, Matthew Trinca with support from lawyers, Yoni Baker (corporate) and Brittany Kluske (corporate).

Deal significance: This global expansion comes as part of Citadel’s strategy of further expansion into high-quality software-based recurring revenue streams, with Wellbeing forming part of Citadel’s health division.

Commenting on the transaction, Mr Smith said: “We were delighted to have worked with The Citadel Group on its acquisition. It marks the next stage of their phenomenal growth journey – and this time at an international level. It is an exciting time for Citadel as they branch out into the UK market space, and we are very pleased to have been able to support them through this transaction.”

The acquisition is to be funded through a fully underwritten equity placement to raise approximately $127 million together with underwritten senior syndicated secured debt facilities of $90 million and a $10 million revolving working capital facility.

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Citadel is a leading ASX-listed software and technology company that specialises in secure enterprise information management across health, national security, defence and corporate enterprises. 

Gadens has a relationship with Citadel that dates back prior to its IPO in 2014 and is pleased to continue to further develop this, working with the management team on such a significant milestone.