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Avingtrans' two medical equipment businesses to merge with Australia-based Magnetica
StockMarketWire.com
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Medical and energy engineering company Avingtrans said it would own a 58.4% stake in a new medtech joint venture, formed by the merger of its two medical equipment businesses, Scientific Magnetics and Tecmag, with Magnetica.
Completion of the merger was conditional upon Magnetica's shareholder approval, at an upcoming general meeting on 29th January 2021, the company said.
Magnetica, an Australian medtech and engineering company, specialising in MRI technologies, planned 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.
Avingtrans, which currently held an 82% majority interest in Scientific Magnetics, would become the majority shareholder in the combined business with an initial interest of 58.4%, rising to 59.0% after a further cash contribution of AUD$0.6 million.
The combined business would 'continue to be known as Magnetica and will form a key part of Avingtrans' medical and industrial imaging division moving forward, the company said.
Story provided by StockMarketWire.com
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