The Business Magazine - B2B Business News - Site Logo
The Business Magazine January 2024
Read now
PICK YOUR EDITION

Avingtrans completes Adaptix acquisition

20 September 2023
Share
The Business Magazine article image for: Avingtrans completes Adaptix acquisition
iStock

Avingtrans, the Cambridgeshire-based engineering tech firm, told investors that it had completed its acquisition of emerging Oxford-based medtech company Adaptix Ltd for up to £2.7 million in shares.

As reported in July this year, Avingtrans already owned 667, 333 Adaptix shares, which has a total share capital of 3,708, 044 shares, and revealed it had submitted a proposal to buy the remaining shares for a consideration of up to £3 million.

READ MORE: Avingtrans updates on positive trading as it submits bid to acquire Oxford-based Adaptix

In a statement on Monday this week, Avingtrans said that following that announcement and approval under the UK National Security & Investment Act, it had now completed the acquisition of the remaining issued and to be issued share capital of Adaptix.

"Avingtrans has been supporting Adaptix over the past few months through a loan facility from the company of £1.1m and has agreed to adopt debt facilities of £2.1m," it added.

"In addition to repaying a renegotiated sum to various debt and creditors of £2.2m on behalf of Adaptix."

The purchase of Adaptix will be satisfied by issuing 642,355 ordinary shares of 5p each in Avingtrans at 426 pence each and application has been made for these shares to be admitted to trading on AIM, expected to become effective on September 21 this year.

In July, Avingtrans said that since October 2021, Adaptix had made successful progress with its 3D X-ray technology and was recently awarded 510k clearance for its novel orthopaedic product by the US regulator (FDA) in March this year.

"The board believes that the potential acquisition will give the group a market leading position in novel imaging products, as applied to (eg) veterinary and orthopaedic imaging at the point of care, notably when considered in parallel with the group's existing interest in novel MRI products, via Magnetica," it added.

Avingtrans designs, manufactures and supplies original equipment, systems and associated aftermarket services to the energy, medical and industrial markets worldwide.

Visit Hampshire Biz News for bright, upbeat and positive business news from the county


Giles Gwinnett is a writer at The Business Magazine. He has been a journalist for more than 20 years and covered a vast array of topics at a range of media settings - in print and online. After his NCTJ newspaper training, he became a reporter in Hampshire before moving to a news agency in Gloucestershire. In recent years, he has been covering the financial markets along with company news for an investor-focused web portal. His many interests include politics, energy and the environment. He lives in Dorset.

Related topics

Related articles

Upcoming events

view more
28
Feb

Business ownership and planning for the future - Employee Ownership - Roundtable

Harbour Hotel,
Southampton SO14 3QT
More info
28
Feb

Solent SME Growth 100 dinner and Awards

The Halo Lounge, St Mary's Stadium, Southampton

More info
29
Feb

Networking Drinks - Thames Valley Tech Sector

Malmaison Hotel
Reading, RG1 1JX
More info
21
Mar

Solent Deals Awards 2024

Hilton at the Ageas Bowl
Southampton
More info
06
Jun

South Coast Property Awards 2024

Hilton at the Ageas Bowl
Southampton
More info
18
Jul

Thames Valley Tech & Innovation Awards 2024

Reading FC Conference & Events
Select Car Leasing Stadium, Reading
More info

Related articles