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25 April 20232 minute read

DLA Piper advises Medica on potential takeover by Moonlight Bidco

DLA Piper has advised Medica, a leading provider of high-quality telemedicine and imaging diagnostics, on a potential take-private by Moonlight Bidco, in an all-cash deal worth GBP269 million.

Founded in 2004, Medica is a market leader in teleradiology in the UK and Ireland and is listed on the Main Market of the London Stock Exchange. It provides outsourced interpretation and reporting of acute and non-acute magnetic resonance imaging (MRI), computerised tomography (CT), ultrasound and plain film (x-ray) images to more than 100 NHS trusts as well as private hospitals, insurance groups, and diagnostic imaging companies across the UK and Ireland. The company also manages diabetic retinopathy screening on behalf of the National Screening Service in Ireland and through its subsidiary in the United States, RadMD, it also provides pharmaceutical and biotech clients and contract research organisations (CROs) with high quality imaging services for clinical trials.

Moonlight Bidco, formed for the purposes of this acquisition, is indirectly owned by funds advised by IK Partners, which since its inception in 1989 has initiated, structured, and financed over 170 private equity transactions across Europe. IK Partners has a well-established track record of investing successfully in companies across the healthcare sector, having invested in 23 businesses in the sector in Europe to date, with an approximate deployment of EUR2.1 billion of capital.

The DLA Piper team advising on the deal was led by London based Corporate partner Jon Earle and Birmingham based Corporate partner Rob Newman. They were supported by Nick Hipwell, partner and Martin MacLeod, legal director, in the Employment Incentives practice and Corporate associates Kirsty Underhill and Tom Morris.