Jardine Matheson Holdings is acquiring Australia-based I-MED Radiology Network (I-MED) for an enterprise value of A$3.4 billion, marking a major move into healthcare for a conglomerate better known for its property, retail and hospitality businesses.
I-MED is described as a "global leader in diagnostic imaging and teleradiology" and the deal includes its minority interest in Harrison.ai, a pioneer in developing radiology AI solutions, including CT brain and chest scans.
It runs 215 diagnostic imaging clinics across metropolitan and regional communities in Australia and New Zealand.
Over the 5-year period ending June 2025, I-MED delivered compound growth in revenues and adjusted EBITDA of 11% and 12% respectivel.
Jardine, which is buying I-MED over from UK private equity firm Permira, will fund the deal with its own cash and that its underlying EPS and dividend guidance for FY2026 remains.
Jardine says this deal is done at an "attractive" valuation of around 11.5x forecasted adjusted EBITDA for the 12 months ending June 2026 for the core business – excluding the stake in Harrison.ai – and expected to generate returns above targets under Jardines’ capital allocation framework.
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"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," says Jardines CEO Lincoln Pan.
"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," he adds.
Jardine Matheson shares traded at US$72.60 as at 9.23 am, up 1.91% for the day.
