Scheme Completed Sponsor buyer
Adamantem Capital Management acquisition of Apiam Animal Health
A$228m enterprise value
Announced 18 Aug 2025 · ASX: AHX · A$0.87 cash per share · 63% premium
Advisers
Apiam Animal Health
Target
- Financial adviser
- Legal adviser
- Independent expert
- Tax adviser
- Target
- Apiam Animal Health
- Acquirer
- Pepper Bidco (Pepper Holdco)
- Sponsor
- Adamantem Capital Management
- Structure
- Scheme of arrangement
- Completed
- 23 Feb 2026
- Sector
- Hospitals, clinics and aged care
In the league tables
- M&A financial advisers, Calendar 2025 Luminis Partners #26
- M&A financial advisers, completed, 2026 to date Luminis Partners #22
- M&A legal advisers, Calendar 2025 Herbert Smith Freehills Kramer #4 · GRT Lawyers #56
- M&A legal advisers, completed, 2026 to date Herbert Smith Freehills Kramer #3 · GRT Lawyers #39
- Independent experts, Calendar 2025 Kroll #2
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Sources
- 18 Aug 2025 Receipt of Non-Binding Indicative Proposal ASX
- 22 Oct 2025 Apiam Enters Scheme Implementation Deed with Adamantem ASX
- 12 Dec 2025 Scheme Booklet Registered with ASIC ASX
- 23 Feb 2026 Implementation of Scheme of Arrangement ASX
- 24 Feb 2026 Adamantem Capital - Adviser on acquisition of Apiam Animal Health via scheme of arrangement grantsamuel.com.au