Jardine Matheson agrees to acquire Sydney‑based I‑Med Radiology

(Alliance News) - Jardine Matheson Holdings Ltd on Monday announced it has agreed to acquire all of Sydney‑based I‑Med Radiology Network Ltd from funds advised by Permira Advisers LLP and other shareholders.

The Hong Kong-based holding company, which has interests in retail, property, hotels and motor dealerships, said the deal values the business at AUD3.4 billion, approximately USD2.44 billion, and includes I‑Med's minority stake in Harrison.ai Pty Ltd, a Sydney-headquartered developer of artificial‑intelligence tools for radiology.

I‑Med is a major provider of diagnostic imaging and teleradiology services in Australia and also operates in New Zealand.

Jardine Matheson said the purchase aligns with its long‑term strategy of owning market‑leading businesses with room to expand in the Asia-Pacific region.

Chief Executive Officer Lincoln Pan said: "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."

The group cited I‑Med's earnings record, leadership team and position in a sector with steady demand.

I‑Med delivered compound annual growth in revenue and adjusted earnings of 11% and 12% respectively over the five years to June 2025, Jardine Matheson said.

The acquisition will be funded with cash and debt. It is expected to be earnings per share neutral in its first full year after completion and accretive thereafter..

The deal remains subject to regulatory approvals and is expected to complete later in 2026.

Jardine Matheson shares ended down 0.1% at USD58.38 in London on Friday.

By Judy Amaca, Alliance News reporter Asia-Pacific

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