At a glance
Memery Crystal has advised its long-standing client Intelligent Ultrasound Group plc on its entry into a conditional sale and purchase agreement for the disposal of its Clinical AI business to GE Healthcare for an enterprise value of £40.5 million.
The transaction is subject to shareholder approval under AIM Rule 15, as well as confirmations from the Competition and Markets Authority under the Enterprise Act, and the Investment Security Unit under the National Security and Investment Act, that they do not oppose the transaction.
The Memery Crystal M&A team was led by Corporate Partner and Chair Lesley Gregory, who was assisted by Legal Director Melanie Belford, Associate Jenna Grabiner, Associate Taibo Wang, Solicitor Michael Lanning and Trainee Solicitor Menelaos Yiannakas. The M&A team was supported by colleagues across Memery Crystal, including Robert Bines-Black (Equity Capital Markets), Leigh Sayliss and Euan Fergusson (Taxation and EMI), Robert Bell (Competition), Bob Cordran and Jaden Cramer (Employment) and Jonathan Riley, Liam Hill and Philip Brooks (CIPT).
Lesley Gregory commented:
"It was a pleasure to work with our long-standing client, Intelligent Ultrasound Group plc, who we have advised on all legal matters since its admission to AIM in 2014. This was a very complex deal delivered in a short timescale and relied on expertise across many departments of the firm. We look forward to working with our client as they develop their future strategy".
Stuart Gall, CEO of Intelligent Ultrasound Group plc, commented:
"The whole Memery Crystal team were first class from start to finish and helped drive a complex deal to signature in a very tight timescale".
Intelligent Ultrasound Group plc is an AI software and simulation company which, following completion of the disposal, will retain its NeedleTrainer/Trainer Plus product which will be retained within the remaining Simulation Business and which generated total revenues of £10 million in the financial year ended 31 December 2023.
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