Primary Health Properties Plc (LSE:PHP) reached an agreement to acquire MedicX Fund Limited (LSE:MXF) from Investec Wealth & Investment Limited and others for approximately £390 million on January 24, 2019. Under the terms of the Merger, MedicX shareholders will be entitled to receive 0.77 Primary Health Properties shares for each MedicX share. As part of the agreement, MedicX shares that are held in treasury will be canceled. Following the merger, existing Primary Health Properties shareholders will hold 69.4% and MedicX shareholders 30.6% respectively of Primary Health Properties. Primary Health Properties intends to delist MedicX following completion. Following Completion, it is expected that Helen Mahy will join the Primary Health Properties Board as Deputy Chairman and senior independent non-executive Director, and Laure Duhot will join Primary Health Properties Board as a non-executive Director and Chairman of the adviser engagement committee. Nick Wiles and Geraldine Kennell will step down from the Primary Health Properties Board on completion. The Board will therefore comprise: Steven Owen, Peter Cole, Laure Duhot, Richard Howell, Harry Hyman, Stephen Kell OBE, Ian Krieger and Helen Mahy. In addition, it is expected that Steve Le Page and John Hearle may act as consultants to Primary Health Properties for a limited period following completion. Nexus Tradeco Limited has agreed to provide such services to the enlarged group, with certain employees of Octopus Healthcare Adviser Limited, MedicX's existing investment adviser, and Octopus AIF Management Limited, MedicX's existing investment manager, transferring to Nexus Tradeco Limited. The registered office of Primary Health Properties will remain in London following completion. The transaction is subject to among other things, the requisite approvals of MedicX Fund Limited’s shareholders, the requisite approval of Primary Health Properties’s shareholders, all statutory or regulatory obligations in any relevant jurisdiction having been complied, the court sanctioning the transaction, the new shares of Primary Health Properties to the official list with a premium listing has been approved and approval by all appropriate third parties which are necessary. The transaction has been unanimously approved by the Board of Directors of both Primary Health Properties and MedicX Fund Limited. Primary Health Properties has received, in aggregate irrevocable undertakings representing approximately 5.972%. On February 28, 2019, the shareholders of Primary Health Properties Plc at their general meeting approved the transaction. On March 1, 2019, the requisite majority of MedicX shareholders approved the scheme at the Court Meeting and the MedicX General Meeting. Completion of the merger remains subject to the satisfaction or waiver of the remaining conditions set out in the scheme document, including the Court sanctioning the Scheme at the Court Hearing which is scheduled on March 14, 2019. The transaction has been approved by the Court on March 14, 2019. Subject to the scheme receiving the sanction of the Court on that date, the Scheme is expected to become Effective on March 14, 2019. The transaction offers MedicX shareholders a premium to NAV as well as attractive accretion to earnings and dividends per share. Michael Meade, James Black, Kevin Cruickshank and Huw Jeremy of Numis Securities Limited and James Britton, Capel Irwin, Harry Nicholas and Jock Maxwell Macdonald of Peel Hunt acted as financial advisors while Glyn Taylor, Jack Shepherd, Gordon Anton, Philippa Chatterton, Jennifer Gray, Sophie Curran, Paul Cole, Andrew Wheelhouse, Kieran O’Brien, Zoe Curtis, Ellis Schindler, Annie Turner, Brian Sher, Kabir Garyali, Russell Hoare, James Colvin, Andrew McLean, Marion Carpanen and Anthony Hollands of CMS Cameron McKenna Nabarro Olswang and Ogier (Guernsey) LLP acted as legal advisors to Primary Health Properties. Edward Banks and Ollie Clayton of Evercore and Peter Tracey and Tom Fyson of Taurus acted as financial advisors while Tom Mercer, Hayley Gow, Alli Clark, Duncan Finnie, Tara Waters, Kiara De Silva, Ross Mackenzie, Danica Barley, Jessica Jenner, Stuart Blacklock, Ruth Buchanan and Tom Kavanagh of Ashurst LLP acted as legal advisor to MedicX Fund Limited. Equiniti Limited acted as registrar to Equiniti Limited. Primary Health Properties Plc (LSE:PHP) completed the acquisition of MedicX Fund Limited (LSE:MXF) from Investec Wealth & Investment Limited and others on March 14, 2019.