Jardine Matheson announced on Monday that it has entered into an agreement to buy I-MED Radiology Network, an Australian medical imaging provider, at an enterprise value of A$3.4 billion, equivalent to $2.4 billion. The Hong Kong-based conglomerate will acquire 100% of I-MED from funds advised by private equity firm Permira and from other shareholders.
The group said financing will come from its cash reserves and from debt facilities, but it did not provide a detailed breakdown of how much will be drawn from each source. Jardines also confirmed the purchase encompasses I-MED’s minority interest in Harrison.ai, a company that develops radiology artificial intelligence solutions.
Jardines framed the transaction as consistent with its strategy of investing for control in market-leading companies and moving into growth areas. In its announcement, the firm reported the transaction values I-MED at roughly 11.5 times forecast adjusted EBITDA for the year ending June 2026, with that multiple calculated excluding the Harrison.ai stake. EBITDA is earnings before interest, taxes, depreciation and amortisation.
The company said the acquisition is expected to be neutral to underlying earnings per share for Jardines in the first full year after closing and accretive thereafter.
"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 operates 215 diagnostic imaging clinics across Australia and New Zealand and conducts more than 7 million procedures annually, according to Jardines. The business also provides teleradiology services - the remote reading of medical scans - in Australia, New Zealand and the United States.
The transaction remains subject to regulatory approvals and is projected to close later in 2026, Jardines said. The announcement noted that Jardines completed its buyout of Mandarin Oriental in January.
Financial detail on the split between cash and debt financing was not disclosed. Jardines supplied the currency conversion used in its announcement: ($1 = 1.3970 Australian dollars).
Summary
Jardine Matheson will purchase I-MED Radiology Network for A$3.4 billion ($2.4 billion), acquiring all shares from Permira-advised funds and other shareholders. The deal, funded via a mix of cash and debt, includes I-MED’s minority stake in Harrison.ai and values the business at about 11.5 times forecast adjusted EBITDA for the year to June 2026, excluding the AI stake. The acquisition is expected to be neutral to Jardines’ underlying EPS in the first year post-close and accretive thereafter; regulatory approvals are required and closing is anticipated later in 2026.