News

13/12/18

G+T advises Sonic Healthcare on $600 million funding for acquisition of Aurora Diagnostics

G+T has advised Sonic Healthcare Limited (Sonic) on its $600 million placement and related share purchase plan (SPP) to fund the acquisition of Aurora Diagnostics.

Aurora Diagnostics is one of the leading pathology groups in the USA, comprising 32 community-based pathology practices with over 200 pathologists. The acquisition will create one of the largest pathologist groups in the world.

The acquisition will be the largest in Sonic’s history, and presents a unique and exciting opportunity to transform Sonic by adding scale and talent to their US operations and to differentiate Sonic’s Medical Leadership model in the USA.

G+T’s role included assisting Sonic and its board structuring its equity capital raising to determine the best solution having regard to the timing of the acquisition and current market volatility.

The G+T team was led by Corporate Partners Costas Condoleon and Adam D’Andreti.

Lead partner, Costas Condoleon said “The Aurora acquisition is 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, and to have contributed to its successful capital raising notwithstanding market volatility.”

Costas and Adam were supported by lawyers Anna De Navi, Wes Bainbridge and Anna Belgiorno-Nettis.

Gilbert + Tobin’s market-leading Corporate team has advised on many of Australia’s largest and most innovative transactions, including advising Viva Energy on its $2.65 billion IPO, Yancoal on its dual primary listing on the HKEx and the ASX, Beach Energy on its equity capital raising to fund its $1.585 billion acquisition of Lattice Energy, Jacobs on its proposed A$4.6 billion sale of its energy, chemicals and resources group to WorleyParson and Coca-Cola Amatil on its joint acquisition with The Coca-Cola Company of a 45% equity stake in the Made Group.

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