Magnetica merges with Scientific Magnetics
Thomson Geer has advised Australian medtech company, Magnetica on its merger with Scientific Magnetics.
Firm: Thomson Geer (Magnetica); Shakespeare Martineau (Avingtrans plc, the owner of Scientific Magnetics).
Deal: Magnetica has merged with Scientific Magnetics.
Value: Between $62-$102 million post-merger value, as per an independent expert report.
Key players: The team advising Magnetica was led by Thomson Geer partner Eugene Fung, with assistance from lawyer Sarah Beattie and senior associate Siew Mei Fagan.
Deal significance: Magnetica specialises in next-generation magnetic resonance imaging (MRI) technologies, while Scientific Magnetics is described as a UK-based medical equipment business with a US subsidiary Tecmag, which manufactures instrumentation for nuclear magnetic resonance (NMR), nuclear quadrupole resonance (NQR) and MRI markets.
The merger sees Magnetica combine its offering with both Scientific Magnetics and its US subsidiary.
According to a statement provided by Thomson Geer, the merger creates a group with a presence in Australia, the UK and the US that has the intellectual property and technical capability to design and manufacture “next generation” magnetic resonance imaging (MRI) systems.
“The merger group has the potential to become a disruptive player in the global MRI market as a new independent original equipment manufacturer of human Extremity MRI Systems and Small Companion Animal MRI systems,” it said.
Commenting further, Thomson Geer partner Mr Fung said the merger is part of a trend of global enterprises acquiring or partnering with Australian technologies.
“We have recently advised global heavyweights such as Assa Abloy, Michelin, Fleetcor and Daifuku on acquiring Australian tech product lines and businesses as they seek to improve productivity and generate new revenues in their traditional businesses,” he said.