ASX-listed tech firm makes £103m UK acquisition with help from Gadens

Firm has been working with its client even prior to its IPO in 2014

ASX-listed tech firm makes £103m UK acquisition with help from Gadens

Gadens was the legal counsel of The Citadel Group on its acquisition of Wellbeing Software Group.

Citadel purchased the radiology and maternity software products maker for £103m, or about $198m. The acquisition positions the ASX-listed Citadel – which specialises in secure enterprise information management – as a global healthcare software company, Gadens said.

The acquisition will be funded via a fully underwritten equity placement that will raise about $127m; underwritten senior syndicated secured debt facilities of $90m, and a $10m revolving working capital facility.

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Gadens is a longstanding adviser to Citadel, counselling the company since before it went public in 2014. In this transaction, the firm advised on the overall transaction, which includes the M&A and debt and equity capital raising aspects.

Gadens corporate partner Jeremy Smith and senior associate Steven Wambeek led the transaction. Expert advice was also provided by banking and finance special counsel, Matt Trinca, who was supported by corporate lawyers Yoni Baker and Brittany Kluske.

Gadens worked alongside UK law firm Taylor Wessing to advise Citadel. The vendors were advised by Herbert Smith Freehills in Australia and Stephenson Harwood in the UK.

Gilbert + Tobin advised the lead manager in the capital raising, while Ashurst advised the lenders.

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