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Avingtrans completes acquisition of majority stake in Magnetica
StockMarketWire.com
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Energy and medical equipment company Avingtrans said it had completed the acquisition of a majority stake in Magnetica following approval from the latter's shareholders earlier on Friday.
The combination would see Avingtrans' two medical equipment businesses, Scientific Magnetics and Tecmag, merge with Magnetica.
As [art of the deal, Avingtrans would invest up to £3.2 million for new shares in Magnetica, at 15 cents per share, to fund new MRI product development and commercialisation activities.
'This could increase Avingtrans' interest to 61.2% in Magnetica,' the company said.
At 10:00am: (LON:AVG) Avingtrans PLC share price was 0p at 281p
Story provided by StockMarketWire.com
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