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Avingtrans Closes Acquisition of Majority Stake in Medtech JV.

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Vincent

MANews-(C)2009-2021

UK-based energy and medical equipment, systems and associated aftermarket services provider Avingtrans plc (AIM: AVG) has completed the acquisition of a majority stake in Magnetica, the company said.

The combination will see Avingtrans' two medical equipment businesses, Scientific Magnetics (SciMag) and Tecmag, merge with Magnetica.

Magnetica Ltd. is an Australian medtech and engineering company which specialises in next-generation MRI technologies. It has now merged with Avingtrans' subsidiary SciMag - 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.

Prior to the Combination, Avingtrans, held a majority interest in SciMag (82.0%).

As part of the combination, existing minority shareholders in Scientific Magnetics have exchanged part of their holding for shares in Avingtrans, amounting to 40,713 new ordinary shares of 5 pence each.

Avingtrans and the other shareholders in SciMag have sold their interests to Magnetica in exchange for Magnetica shares.

As a result, Avingtrans is now the majority shareholder in the...

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