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Sonic Healthcare acquires US pathology group
Australia’s Sonic Healthcare Limited has been advised by Gilbert + Tobin on its placement and share purchase plan to fund its acquisition of US-based Aurora Diagnostics.
Grace Ormsby
Firm: Gilbert + Tobin (Sonic Healthcare)
Value: $600 million
Area: Healthcare, M&A
Key players: G + T’s team was led by corporate partners Costas Condoleon and Adam D’Andreti, with support from lawyers Anna De Navi, Wes Bainbridge and Anna Belgiorno-Nettis.
Deal significance: Sonic Healthcare Limited is an Australian company that provides laboratory services, pathology and radiology services.
Aurora Diagnostics is a leading pathology group in the United States, according to a Gilbert + Tobin statement, and is comprised of 32 community-based pathology practices.
“The acquisition will create one of the largest pathologist groups in the world,” the firm said, and will add scale and talent to Sonic’s American operations, while differentiating Sonic’s medical leadership model in the US market.
Gilbert + Tobin assisted Sonic and its board in the structuring of its equity capital raising to determine a solution that had regard to the acquisition’s timing and current market volatility.
Partner Costas Condoleon noted the acquisition as “the largest in Sonic’s history.”
“We are excited to have been able to help Sonic on such an important transaction which will be transformative for its US business,” he said, “and to have contributed to its successful capital raising notwithstanding market volatility.”
