Jardine Matheson said on Monday that it has agreed to acquire Australian medical imaging company I-MED Radiology Network in a deal valued at A$3.4 billion ($2.4 billion). The acquisition will add a major healthcare diagnostics business to the Hong Kong-based conglomerate.
The long-established investment group, which has businesses in property, retail, and automotive sectors, said it will acquire the entire company from funds managed by private equity firm Permira and other shareholders.
Jardine Matheson said the acquisition will be financed through a combination of cash reserves and debt, although the company did not reveal the exact breakdown.
The company also stated that the deal includes Harrison.ai’s minority stake held by I-MED Radiology Network. Harrison.ai develops AI-powered radiology solutions, and Jardines said the acquisition supports its strategy of investing in leading businesses and expanding into high-growth sectors.
According to Jardines, the deal values I-MED at around 11.5 times its forecast adjusted EBITDA for the financial year ending June 2026, excluding the value of the Harrison.ai stake. EBITDA refers to earnings before interest, taxes, depreciation, and amortisation.
The company added that the acquisition is expected to have a neutral impact on underlying earnings per share during the first full year after completion, with positive earnings growth expected in the years after that.
“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,” Jardines’ CEO Lincoln Pan, who started in his role in December, said in the statement.
I-MED Radiology Network operates 215 diagnostic imaging clinics across Australia and New Zealand and carries out more than 7 million medical imaging procedures every year, according to Jardine Matheson. The company also offers teleradiology services, which allow medical scans to be reviewed remotely, in Australia, New Zealand, and the United States.
Jardines said the acquisition still requires regulatory approval and is expected to be completed later in 2026.
