Jardine Matheson has agreed to acquire I-MED Radiology Network, an Australian diagnostic imaging and teleradiology provider, for an enterprise value of A$3.4bn ($2.4bn).
According to a press release, the agreement covers the purchase of 100% of I-MED from funds advised by Permira, which acted through their UK platform, alongside other existing shareholders.
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The deal also includes I-MED’s minority stake in Harrison.ai, a company focused on developing AI solutions for radiology such as computed tomography (CT) brain and chest scans.
I-MED operates 215 clinics across Australia and New Zealand. The company carries out over seven million patient procedures each year, supported by a team of more than 500 radiologists in Australia.
Its services include magnetic resonance imaging (MRI), CT, positron emission tomography (PET), nuclear medicine, ultrasound, and X-ray. I-MED’s network covers both metropolitan and regional areas.
The company is active in teleradiology, providing remote medical image interpretation in Australia, New Zealand, and the US to assist with patient diagnoses, particularly in regions where radiologists may not be available.
The acquisition is expected to be funded through a mix of Jardine Matheson’s cash on its balance sheet and debt.
It aligns with the company’s long-term strategy to invest in market-leading businesses within the Asia Pacific region.
Jardine Matheson CEO Lincoln Pan said: “Jardines is excited to partner with Dr Shrey Viranna, Clare Battellino, and the outstanding doctors and clinicians of I-MED.
“I-MED have a first-class management team, which has not only driven consistent earnings growth, but has stayed at the cutting edge of innovation, including bold steps into AI, which will allow them to strengthen their market-leading position, while still supporting high clinical standards.
“As a long-term, committed investor, our goal is to build larger, high-quality businesses across our portfolio, and we look forward to supporting I-MED in the next phase of its growth.”
For the 12 months ending June 2026, I-MED’s core business (excluding the Harrison.ai stake) is forecast to deliver an adjusted EBITDA [earnings before interest, taxes, depreciation and amortisation] multiple of around 11.5× the acquisition price, according to Jardine Matheson.
Over the five years to June 2025, I-MED reported compound revenue and adjusted EBITDA growth of 11% and 12%, respectively.
Completion of the transaction is subject to customary regulatory approvals and is expected to close later in 2026.
Jardine Matheson received financial advice from Rothschild and Co, with legal advice from Allens, Linklaters, and Chapman Tripp, as well as financial and tax advice from EY-Parthenon.
