Jardine Matheson to acquire I-MED Radiology Network for $2.4bn

Jardine Matheson has agreed to get I-MED Radiology Network, an Australian diagnostic imaging and teleradiology provider, for an endeavor worth of A$3.4bn ($2.4bn).

According to a property release, the statement covers the acquisition of 100% of I-MED from funds advised by Permira, which acted done their UK platform, alongside different existing shareholders.

The woody besides includes I-MED’s number involvement successful Harrison.ai, a institution focused connected processing AI solutions for radiology specified arsenic computed tomography (CT) encephalon and thorax scans.

I-MED operates 215 clinics crossed Australia and New Zealand. The institution carries retired implicit 7 cardinal diligent procedures each year, supported by a squad of much than 500 radiologists successful Australia.

Its services see magnetic resonance imaging (MRI), CT, positron emanation tomography (PET), atomic medicine, ultrasound, and X-ray. I-MED’s web covers some metropolitan and determination areas.

The institution is progressive successful teleradiology, providing distant aesculapian representation mentation successful Australia, New Zealand, and the US to assistance with diligent diagnoses, peculiarly successful regions wherever radiologists whitethorn not beryllium available.

The acquisition is expected to beryllium funded done a premix of Jardine Matheson's currency connected its equilibrium expanse and debt.

It aligns with the company’s semipermanent strategy to put successful market-leading businesses wrong the Asia Pacific region.

Jardine Matheson CEO Lincoln Pan said: “Jardines is excited to spouse with Dr Shrey Viranna, Clare Battellino, and the outstanding doctors and clinicians of I-MED.

“I-MED person a first-class absorption team, which has not lone driven accordant net growth, but has stayed astatine the cutting borderline of innovation, including bold steps into AI, which volition let them to fortify their market-leading position, portion inactive supporting precocious objective standards.

“As a long-term, committed investor, our extremity is to physique larger, high-quality businesses crossed our portfolio, and we look guardant to supporting I-MED successful the adjacent signifier of its growth.”

For the 12 months ending June 2026, I-MED’s halfway concern (excluding the Harrison.ai stake) is forecast to present an adjusted EBITDA [earnings earlier interest, taxes, depreciation and amortisation] aggregate of astir 11.5× the acquisition price, according to Jardine Matheson.

Over the 5 years to June 2025, I-MED reported compound gross and adjusted EBITDA maturation of 11% and 12%, respectively.

Completion of the transaction is taxable to customary regulatory approvals and is expected to adjacent aboriginal successful 2026.

Jardine Matheson received fiscal proposal from Rothschild and Co, with ineligible proposal from Allens, Linklaters, and Chapman Tripp, arsenic good arsenic fiscal and taxation proposal from EY-Parthenon.