Herbert Smith Freehills is pleased to have advised Paragon Care Limited on its successful acquisition of ASX-listed Quantum Health Group by way of a scrip scheme of arrangement. The value of the deal was approximately A$100 million based on the Paragon share price at implementation.
The merger, which was successfully implemented on 16 February 2022, is set to have the merged entity stand as a leading medical equipment, devices, consumable, and healthcare service business, creating an extensive distribution channel for global suppliers to deal efficiently with one distributor across multiple diverse and complex markets in Asia Pacific. Following implementation, Quantum shareholders hold approximately 43.83% of the merged entity and Paragon shareholders hold approximately 56.17%.
The Herbert Smith Freehills team was led by partner Clayton James and senior associate Li-Lian Yeo, who were supported by solicitors Mark Simkiss and Stephanie Simm.
The team worked closely with Paragon’s core deal team which included Chair, Shane Tanner, Non-Executive Director, Mark Simari and CFO, Stephen Munday.
Clayton James said, “This merger was a step change for Paragon as it builds a 5th pillar in its business through Quantum to expand its geographical reach into Asia Pacific. We are delighted to have played a part in this important transaction and to work alongside the Paragon team”.
Liverpool Partners acted as financial adviser to Paragon and Johnson Winter & Slattery acted as legal advisers to Quantum.