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Australia's Paragon to acquire New Zealand-based medical device distributor

Paragon Care Ltd. said it will acquire New Zealand-based medical distribution company REM Systems Ltd. in a NZ$54.4 million deal.

The company will pay NZ$43.9 million in cash and issue NZ$10.5 million worth of its shares for the business, which supplies healthcare products to hospitals, health clinics, medical practices and veterinary clinics throughout New Zealand and Australia.

The company will use funds it recently raised in a capital offering and debt from National Australia Bank for the purchase.

The REM acquisition is expected to be settled by June 30, joining the company's product offering of medical devices and consumables in the two markets, Paragon said in a statement.

The latest deal is in addition to the nine acquisitions Paragon announced previously, of which seven have been completed.

As of June 7, US$1 was equivalent to NZ$1.42.