Jardine Matheson to acquire Australia’s I-MED Radiology Network in US$2.4B healthcare expansion

CHINA—Jardine Matheson has agreed to acquire I-MED Radiology Network, one of Australia’s largest diagnostic imaging and teleradiology providers, for A$3.4 billion (US$2.4 billion).

The acquisition marks a major expansion of Jardine Matheson’s healthcare portfolio and strengthens its presence in the Asia-Pacific medical services market.

According to a company announcement, the agreement covers the purchase of 100% of I-MED from funds advised by Permira and other existing shareholders.

The transaction also includes I-MED’s minority stake in Harrison.ai, an artificial intelligence company developing radiology support tools for computed tomography (CT) brain and chest scans.

Expanding presence in diagnostic imaging

I-MED operates a network of 215 clinics across Australia and New Zealand and performs more than seven million patient procedures annually.

The company employs over 500 radiologists across Australia and provides a broad range of diagnostic services, including magnetic resonance imaging (MRI), CT scans, positron emission tomography (PET), nuclear medicine, ultrasound, and X-ray imaging.

Its network spans both metropolitan and regional communities, allowing the company to support healthcare systems in areas where specialist imaging services may be limited.

In addition, I-MED has built a strong teleradiology business that delivers remote image interpretation services across Australia, New Zealand, and the United States, enabling healthcare providers to access radiology expertise around the clock.

The acquisition comes at a time when demand for diagnostic imaging services continues to rise due to aging populations, growing chronic disease burdens, and increased adoption of AI-assisted diagnostics.

Focus on AI and long-term growth

Jardine Matheson said it plans to finance the transaction through a combination of available cash reserves and debt financing.

The company noted that the acquisition aligns with its long-term strategy of investing in market-leading businesses across the Asia-Pacific region.

Jardine Matheson CEO Lincoln Pan said the company was excited to partner with I-MED’s leadership team, including Dr Shrey Viranna and Clare Battellino, as well as the organisation’s clinicians and radiologists.

He noted that I-MED had consistently delivered strong earnings growth while remaining at the forefront of healthcare innovation, particularly through its investment in AI technologies.

Pan added that the company’s long-term investment approach would support I-MED’s next stage of expansion and innovation.

Strong financial performance

For the 12 months ending June 2026, I-MED’s core business, excluding its Harrison.ai stake, is expected to generate an adjusted EBITDA multiple of approximately 11.5 times the acquisition price, according to Jardine Matheson.

Over the five years leading to June 2025, I-MED recorded compound annual revenue growth of 11% and adjusted EBITDA growth of 12%.

Recent industry reports have also highlighted growing investor interest in AI-enabled diagnostic imaging companies, particularly those that combine large clinical networks with advanced radiology software capabilities.

The transaction remains subject to customary regulatory approvals and is expected to close later in 2026.

Rothschild & Co advised Jardine Matheson on financial matters, while Allens, Linklaters, and Chapman Tripp provided legal counsel.

Financial and tax advisory services were handled by EY-Parthenon.