FIRB Approves Adamantem’s Acquisition of Apiam, Shareholders to Decide Next

FIRB Approval Clears Regulatory Path

Apiam Animal Health Limited has reached a significant milestone in its proposed acquisition by entities controlled by Adamantem Capital Fund II, having received formal approval from the Foreign Investment Review Board (FIRB). This regulatory green light from the Commonwealth Government confirms there are no objections to the scheme of arrangement, satisfying a key condition precedent for the transaction.

Next Steps, Shareholder and Court Approvals

While FIRB approval removes a major hurdle, the acquisition remains contingent on further approvals. Apiam shareholders are set to vote on the scheme at a meeting scheduled for 3 February 2026, with both in-person and virtual attendance options available. Additionally, the scheme requires sanction from the court at a subsequent hearing. These steps will ultimately determine whether the acquisition proceeds to completion.

Implications for Apiam and the Veterinary Sector

Apiam Animal Health is a prominent player in Australia’s rural veterinary services, operating more than 80 clinics nationwide and employing over 1,000 staff. The acquisition by Adamantem Capital, a private equity fund, signals potential strategic shifts for Apiam’s growth trajectory and operational focus. Investors and industry watchers will be keen to see how Adamantem’s stewardship might influence Apiam’s service offerings and regional footprint.

Engaging Shareholders in a Digital Era

The upcoming Scheme Meeting reflects a modern approach to shareholder engagement, offering virtual participation alongside traditional in-person attendance. This hybrid model aims to maximise shareholder involvement and transparency, allowing stakeholders to listen, vote, and ask questions remotely. The outcome of this meeting will be pivotal in shaping Apiam’s future ownership and strategic direction.

Looking Ahead

With FIRB approval secured, all eyes now turn to the shareholder vote and court hearing. The successful completion of these steps will mark a new chapter for Apiam under Adamantem’s ownership, potentially reshaping the veterinary services landscape in Australia.