Permira buys Australia’s I-Med from EQT, price tag estimated to be $1.1b

Photo: Bloomberg

Permira has agreed to buy Australia’s I-Med Radiology Network from EQT Partners and other investors, the Swedish buyout firm said in a statement.

Permira, the London-based private equity firm, will pay about A$1.3 billion ($1.1 billion) for I-Med, according to people with knowledge of the matter, who asked not to be identified because the details are private. The transaction, Permira’s first in Australia, is expected to close in the first quarter, the statement shows.

EQT invested in I-Med in 2014 alongside Singapore sovereign wealth fund GIC Pte and Canada’s Caisse de Depot et Placement du Quebec, expanding its network to include 204 clinics and more than 3,500 employees. EQT had scrapped an earlier sale process and decided to keep the business, I-Med Chief Executive Officer Steven Rubic said in a memo to staff last month.

Representatives for Permira and EQT declined to comment.

Permira funds have been operating in Asia for more than a decade with offices in Tokyo, Hong Kong, Seoul and Shanghai, according to its website. During that period, it has invested more than $3 billion in companies including Galaxy Entertainment Group Ltd., Sushiro Global Holdings Ltd. and Tricor Holdings Ltd.

Permira’s equity for the investment likely to come from its latest dedicated global buyout fund, its 7.5 billion-euro Permira VI.

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PE firm Permira agrees to acquire EQT-backed diagnostic service I-MED for $1b

Bloomberg

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.