Jardine Matheson acquiring I-MED Radiology Network for A$3.4 billion
Deal will be funded through existing cash and debt
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[SINGAPORE] Jardine Matheson Holdings (JMH) on Monday (May 25) said that it is acquiring Australia-based diagnostic imaging and teleradiology player I-MED Radiology Network for A$3.4 billion (S$3.1 billion).
The company said I-MED is a leader in the diagnostic imaging space, based in an “attractive developed Asia-Pacific market with strong structural growth prospects and defensive industry characteristics”.
The deal includes I-MED’s minority interest in Harrison.ai, which develops radiology artificial intelligence solutions, including CT brain and chest scans.
“JMH’s patient capital will support investment to scale the business and explore new markets, maintaining high levels of growth in the medium term,” the company said in a bourse filing.
JMH noted an attractive valuation of the deal, at about 11.5 times forecast adjusted earnings before interest, taxes, depreciation and amortisation for the 12 months ending June for the core business – excluding the stake in Harrison.ai – and that it is expected to generate returns above targets, under Jardine’s capital allocation framework.
The transaction will be funded through a combination of Jardine’s existing cash resources and debt facilities. It is subject to customary closing conditions including regulatory approvals, and is expected to complete later in 2026.
I-MED operates a network of 215 diagnostic imaging clinics across metropolitan and regional communities in Australia and New Zealand. It also performs over seven million patient procedures a year in clinics.
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