# 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.

- Type: Acquisition
- Announced: 2021-01-05
- Where: Australia, Australia
- Value: $4.40M (3.20M GBP)
- Status: announced
- Products: MRI technologies, superconducting magnet systems, NMR instrumentation
- Sectors: [Medical Devices](https://endata.com/sectors/medical-devices.md)

## Companies

- [Avingtrans](https://endata.com/companies/1681.md) (acquirer)
- [Tecmag](https://endata.com/companies/35075.md) (target)
- [Scientific Magnetics](https://endata.com/companies/52298.md) (target)
- [Magnetica Limited](https://endata.com/companies/52299.md) (target)

## Sources

- [avingtrans.plc.uk](https://www.avingtrans.plc.uk/company-news/acquisition-of-majority-stake-in-new-medtech-joint-venture/), 2021-01-05: "We believe this merger offers real potential to accelerate the development of next-generation MRI technologies."
- [avingtrans.plc.uk](https://www.avingtrans.plc.uk/company-news/completion-of-acquisition-of-majority-stake-in-new-medtech-joint-venture/), 2021-01-29: "The combination will see Avingtrans’ two medical equipment businesses, Scientific Magnetics (SciMag) and Tecmag, merge with Magnetica."

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.