Jardine Matheson, the Hong Kong-based conglomerate listed as SGX:JARD, announced it will acquire I-MED Radiology Network from private equity firm Permira and other shareholders in a transaction valued at A$3.4 billion ($2.4 billion).
Under the terms of the deal, Jardine will take full ownership of I-MED, which operates 215 clinics across Australia and New Zealand and delivers more than 7 million patient procedures annually. The purchase also transfers I-MED’s minority stake in Harrison.ai, a developer of artificial intelligence tools for radiology applications including CT brain and chest imaging.
Market reaction and strategic rationale
Shares of Jardine Matheson rose about 2% in early trading following the announcement. Jardine’s chief executive, Lincoln Pan, described the acquisition as consistent with the group’s strategy of investing in market-leading businesses that offer long-term growth potential within the Asia-Pacific region.
Jardine indicated the acquisition is expected to be earnings-per-share neutral in the first full year after completion, turning accretive in subsequent periods. The company noted the transaction remains subject to customary regulatory approvals and is anticipated to close later in 2026.
Growth under Permira and sector drivers
Permira acquired I-MED in 2018 and the radiology network expanded rapidly under its ownership. That growth, Jardine said, was supported by rising demand for diagnostic imaging services, teleradiology and AI-enabled healthcare capabilities.
With this transaction, Jardine adds a large, established diagnostic imaging business to its portfolio and gains exposure to both traditional imaging services and emerging AI-enabled radiology workflows through the Harrison.ai interest.
Next steps
- Regulatory review processes must be completed before the transaction can close.
- Management transition and integration planning will follow completion, with earnings expectations published by Jardine for the post-close period.
Until regulatory approvals are secured and the deal closes later in 2026, Jardine and I-MED will continue to operate independently under their existing structures.