Prime Highlights
- Jardines’ CEO called I-MED a market leader poised for further expansion.
- The deal is expected to turn accretive after its first full year.
Key Facts
- Jardine Matheson is a Hong Kong-based conglomerate listed on Singapore Exchange.
- I-MED operates 215 clinics and performs over seven million procedures annually.
Background
Hong Kong-based conglomerate Jardine Matheson has agreed to buy Australian medical imaging provider I-MED Radiology Network for a total enterprise value of A$3.4 billion ($2.4 billion). The group will purchase a 100% stake in I-MED from funds advised by private equity firm Permira and other shareholders.
Jardine Matheson intends to finance the deal using a combination of available cash and debt financing. It’s roughly 11.5 times the projected EBITDA for the fiscal year ended June 2026, and that’s not taking into account I-MED’s stake in the radiology AI firm Harrison.ai. The acquisition also includes I-MED’s minority interest in Harrison.ai.
I-MED runs 215 diagnostic imaging clinics across Australia and New Zealand and carries out more than seven million procedures each year. The company also offers teleradiology services, the remote reading of medical scans, across Australia, New Zealand, and the United States.
Jardine Matheson expects the deal to have a neutral impact on its underlying earnings per share in the first full year after closing, with growth expected in the years that follow. Regulatory approvals are still pending, and the transaction is expected to close later in 2026.
CEO Lincoln Pan, who took charge in December last year, said I-MED is already a market leader in radiology and that the company is well-placed to grow in both its existing and new markets. The acquisition fits Jardine’s broader strategy of taking control positions in market-leading businesses and expanding into high-growth sectors.
