Jardine Matheson Buys I-MED Radiology for $2.4B

Jardine Matheson has announced an agreement to purchase I-MED Radiology Network, a leading Australian medical imaging provider, for an enterprise value of A$3.4 billion (approximately $2.4 billion).

The acquisition marks a significant expansion for the Hong Kong-based investment group into the healthcare diagnostics sector. Jardine Matheson's existing portfolio spans property, retail, and automotive industries, aligning with its strategy to invest in market-leading businesses and explore growth opportunities.

The deal includes I-MED's minority interest in Harrison.ai, a company specializing in AI solutions for radiology. I-MED operates a substantial network of 215 diagnostic imaging clinics across Australia and New Zealand, conducting over 7 million procedures annually. It also offers teleradiology services in Australia, New Zealand, and the U.S.

This transaction is valued at approximately 11.5 times I-MED's forecast adjusted EBITDA for the year ending June 2026, excluding the Harrison.ai stake. Jardine Matheson expects the deal, funded by cash reserves and debt, to be neutral to its earnings per share in the first full year post-closing, becoming accretive thereafter.

The acquisition is subject to regulatory approvals and is anticipated to be completed later in 2026. This follows Jardine Matheson's recent completion of its buyout of Mandarin Oriental in January of this year.