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Legal team behind global medtech joint venture revealed

Medical equipment businesses Scientific Magnetics and Tecmag - part of Avingtrans plc -will be merging with Magnetica, an Australian medtech and engineering company, with the support of law firm Shakespeare Martineau.

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 an upcoming General Meeting on 29th January 2021.

Legal team behind global medtech joint venture revealed

Avingtrans plc has a strong track record for successfully investing in and growing engineering businesses in highly-engineered, niche markets. The merger will mark the 15th deal completed by Shakespeare Martineau on behalf of Avingtrans plc in 13 years.  

Subject to completion, Avingtrans PLC (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 plc, 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 at Shakespeare Martineau 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 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.” 

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