Jardine Matheson has entered into an agreement to purchase I-MED Radiology Network, an Australian diagnostic imaging and teleradiology provider, for an enterprise value of A$3.4bn ($2.4bn). This radiology network acquisition entails buying 100% of I-MED from funds advised by Permira, acting via its UK platform, alongside other existing shareholders.
The radiology network acquisition encompasses I-MED’s minority equity interest in Harrison.ai, a technology firm developing artificial intelligence applications for radiology, including computed tomography (CT) chest and brain scans. I-MED delivers comprehensive diagnostic imaging services across regional and metropolitan regions. As an established teleradiology provider, I-MED offers remote medical image interpretation across Australia, the US, and New Zealand. This service aids patient diagnostics in areas experiencing radiologist shortages. The core modalities include:
- Magnetic resonance imaging (MRI) and computed tomography (CT)
- Positron emission tomography (PET) and nuclear medicine
- Ultrasound and X-ray diagnostics
Jardine Matheson plans to finance this healthcare investment utilizing a combination of debt and cash reserves on its balance sheet. The transaction supports the organization’s long-term strategy for APAC healthcare investment in prominent regional enterprises. Jardine Matheson CEO Lincoln Pan stated that the company is eager to collaborate with Dr. Shrey Viranna, Clare Battellino, and the I-MED clinical team. Pan highlighted the management team’s ability to drive earnings growth and maintain innovation, specifically referencing the AI integration that supports their market position and high clinical standards. He added that the goal of this long-term investment is to develop larger, high-quality assets across their portfolio.
Excluding the Harrison.ai stake, Jardine Matheson forecasts that I-MED’s core operations will achieve an adjusted EBITDA multiple of approximately 11.5x the purchase price for the 12-month period ending June 2026. Furthermore, over the five years leading up to June 2025, the teleradiology provider reported a compound revenue increase of 11% and an adjusted EBITDA growth of 12%. The continuous demand for remote medical image interpretation contributes to supporting these consistent financial metrics.
The closing of the transaction remains subject to customary regulatory approvals and is scheduled to be finalized later in 2026. For this radiology network acquisition, Jardine Matheson retained Rothschild and Co for financial counsel. EY-Parthenon supplied tax and financial guidance, while Chapman Tripp, Linklaters, and Allens acted as legal advisors for the healthcare investment.
