Jardine Matheson Holdings has agreed to acquire Australian diagnostic imaging provider I-MED Radiology Network from funds advised by Permira and other shareholders, in a deal valuing the business at A$3.4 billion ($2.4 billion).
The transaction—one of the largest healthcare buyouts in the Asia-Pacific region this year—will give Jardines full ownership of I-MED and includes the company’s minority stake in Harrison.ai, which develops AI-based radiology tools.
The deal values I-MED at around 11.5 times projected adjusted EBITDA for the year ending June 2026, excluding the valuation of its Harrison.ai stake. Jardines said the acquisition will be funded through existing cash resources and debt facilities and is expected to close later this year, subject to regulatory approvals.
I-MED operates a network of 215 diagnostic imaging clinics across Australia and New Zealand and performs more than 7 million patient procedures annually. The company is also a leader in teleradiology—the technology-enabled remote interpretation of medical images which supports diagnoses for patients receiving care where radiologists may not be available—in Australia, New Zealand, and the US.
The acquisition marks a significant expansion of Jardines’ healthcare exposure and aligns with its strategy of acquiring controlling stakes in market-leading businesses across Asia Pacific. The conglomerate said the investment will support I-MED’s next phase of growth, including expansion of its clinic network, teleradiology operations, and AI-driven diagnostic capabilities.
“As a long-term, committed investor, our goal is to build larger, high-quality businesses across our portfolio, and we look forward to supporting I-MED in the next phase of its growth. 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,” said Lincoln Pan, CEO of Jardines,
Permira, which acquired I-MED in 2018, said the company has evolved into a scaled healthcare platform with strong clinical relationships and advanced technology capabilities under its ownership.
Over the five years to June 2025, I-MED delivered a compound annual growth of 11% in revenue and 12% in adjusted EBITDA. Jardines said it expects the business to maintain strong medium-term growth through continued investment in its Australia and New Zealand clinic network, expansion of its teleradiology operations, greater adoption of AI and technology, and potential international expansion opportunities.
Jardines was advised by Rothschild and Co as a financial advisor; Allens, Linklaters, and Chapman Tripp as legal advisors; and EY-Parthenon as a financial and tax advisor.
