Avingtrans to acquire majority stake in Magnetica via merger of Scientific Magnetics and Tecmag

Avingtrans announced that its subsidiaries Scientific Magnetics and Tecmag will merge with Australian medtech company Magnetica Limited. Avingtrans will become majority shareholder (58.4% initial, rising to 59.0% after AUD$0.6m cash contribution) and invest up to £3.2m for new MRI product development. Completion is subject to Magnetica shareholder approval on January 29, 2021.

“We believe this merger offers real potential to accelerate the development of next-generation MRI technologies.”avingtrans.plc.uk

• 2 sources
• avingtrans.plc.ukAcquisition of Majority Stake in new Medtech Joint Venture - Avingtrans PLCBen JonesJan 5, 2021
• avingtrans.plc.ukCompletion of Acquisition of Majority Stake in new Medtech Joint Venture - Avingtrans PLCBen JonesJan 29, 2021

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