The deal marks a major diversification for the Hong Kong-based conglomerate into the Australian healthcare diagnostics market.
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Jardine Matheson to Buy I-MED for A$3.4 Billion in Healthcare Push
The deal marks a major diversification for the Hong Kong-based conglomerate into the Australian healthcare diagnostics market.
Jardine Matheson has agreed to acquire I-MED Radiology Network for an enterprise value of A$3.4 billion ($2.4 billion), signaling a strategic expansion into the high-growth healthcare sector and diversifying its traditional portfolio of property and retail assets.
"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," Jardine's CEO Lincoln Pan said in a statement.
The acquisition, made from private equity firm Permira, values I-MED at approximately 11.5 times its forecast adjusted EBITDA for the fiscal year ending June 2026. Jardine Matheson will fund the purchase, which includes I-MED's minority stake in AI developer Harrison.ai, through a combination of cash reserves and debt financing.
The move is expected to be neutral to Jardine's underlying earnings per share in the first year and accretive thereafter, providing a new growth engine for the conglomerate. The transaction is subject to regulatory approvals and is anticipated to close later in 2026.
I-MED is the largest diagnostic imaging provider in Australia, operating 215 clinics across Australia and New Zealand and performing more than 7 million patient procedures annually. The company also provides teleradiology services in Australia, New Zealand, and the U.S., allowing for remote interpretation of medical scans.
A Strategic Shift for Jardine's
The acquisition aligns with Jardine's stated strategy of investing in market-leading businesses and expanding into strong growth verticals. It follows a period of portfolio reshaping for the group, which recently completed its buyout of hotel group Mandarin Oriental and launched a $250 million share buyback program in late 2025 to boost shareholder returns.
The conglomerate rebounded to a full-year profit of $1.11 billion in 2025 after a $468 million loss in the prior year. This deal represents a significant deployment of capital into a new, defensive growth area.
"We are looking forward to working with Jardines, well known as a long-term investor and owner in the region, to execute on our growth agenda," I-MED CEO Shrey Viranna said. He added this includes implementing AI solutions and exploring international growth.
This article is for informational purposes only and does not constitute investment advice.
[1] Jardine Matheson Holdings to acquire Australian diagnostic imaging services provider I-MED[2] Jardine Matheson to buy Australia's I-MED at $2.4 billion enterprise value in healthcare push[3] Jardine Is Said to Near Purchase of I-MED in $2.4 Billion Deal[4] Jardine Matheson to acquire Australia's I-MED Radiology in $2.4 billion deal[5] Jardine Matheson Acquires Australian Imaging I-Med Radiology for AU$3.4 Billion
