The creation of a new $1b medical diagnostic imaging leader in ANZ, unlocking synergies and significant value for shareholders.
A transformational merger between ASX-listed diagnostics providers Capitol Health Limited (CAJ) and Integral Diagnostics Limited (IDX) by way of a Scheme of Arrangement
The creation of a new $1b medical diagnostic imaging leader in ANZ, unlocking synergies & significant shareholder value.
The 3 Stages
Comprehensive advisory service on all legal aspects of merger, guiding the process from inception to completion.
Our Supporting Role
Maddocks advised leading diagnostics provider Capitol Health Limited (CAJ) on its merger with Integral Diagnostics Limited (IDX) by way of a Scheme of Arrangement, valued at $1 billion. Both were listed on the ASX.
A longtime client of Maddocks, our Corporate team previously advised Capitol Health on its $40 million capital raising in 2020, and on a range of other corporate matters.
Four years later, market dynamics and the growing focus on healthcare resulted in a strategic merger with an industry peer to create scale and capture new markets.
The Solution
Maddocks wanted to ensure a seamless and highly collaborative process for Capitol’s business and its shareholders.
Our team carried out due diligence on IDX, negotiated the Merger Implementation Deed with IDX in relation to a merger, and worked to obtain the approvals of ASIC, shareholders, ACCC and the Court for the merger. Following these approvals, IDX acquired all the shares in CAJ in exchange for shares in IDX.
A cross-practice team at Maddocks of corporate, employment, health, and property specialists advised across all aspects of the transaction.
A Collaborative Outcome
Capitol had a small head office team and Board. The demands of a complex merger accordingly challenged the Group’s resources.
Maddocks collaborated with management, other advisers and IDX to manage and facilitate the information flows in a seamless way to ensure that the aggressive transaction timetable was achieved.
Completed in December 2024, the merger has created a leading diagnostics imaging presence in Australia and New Zealand with a combined group of 155 clinics, 350 radiologists and more than 3,000 employees.
Would you like to know more about our M&A expertise?
Please contact a member of our team
Keep up to date with our legal insights and events
Sign upRecent articles

Client Solutions: A landmark transaction in size and complexity, delivering a platform for continued growth, maximising value for shareholders
A landmark transaction in size and complexity, delivering a platform for continued growth, maximising value
Partner
Melbourne