Jardine Matheson (JARD.SI) has announced its agreement to acquire Australian medical imaging provider I-MED Radiology Network for a total enterprise value of A$3.4 billion (US$2.4 billion). The strategic move adds a significant healthcare diagnostics business to the Hong Kong-based investment group’s diverse portfolio. I-MED Radiology Network is a leading medical imaging provider in Australia and New Zealand, offering a wide range of diagnostic services including X-rays, CT, MRI, and ultrasound scans. The acquisition involves Jardine Matheson purchasing a 100% stake in I-MED from funds advised by private equity firm Permira and other existing shareholders.
The storied investment group, known for its extensive interests across property, retail, and automotive sectors, stated the deal aligns with its strategy of investing for control in market-leading businesses and expanding into growth areas. The purchase also includes I-MED’s minority interest in Harrison.ai, a developer of radiology artificial intelligence solutions. Jardine Matheson confirmed the transaction will be funded through a combination of cash reserves and debt financing. The deal values I-MED at approximately 11.5 times its forecast adjusted EBITDA for the year ending June 2026, excluding the Harrison.ai stake.
I-MED operates 215 diagnostic imaging clinics across Australia and New Zealand, performing more than 7 million procedures annually. It also extends its services to teleradiology – the remote reading of medical scans – in Australia, New Zealand, and the United States. Lincoln Pan, Jardine Matheson’s CEO, expressed confidence in the acquisition, noting, “I-MED is already a market leader in radiology today, and we expect the business will expand further in I-MED’s core markets as well as new markets.” The company anticipates the deal to be neutral to underlying earnings per share in its first full year post-closing, becoming accretive thereafter.
The transaction is subject to necessary regulatory approvals and is projected to reach completion later in 2026. This acquisition follows Jardine Matheson’s recent activities, including its buyout of Mandarin Oriental, which was finalised in January.
