Key Takeaways:
Hong Kong-based conglomerate Jardine Matheson Holdings Ltd. will acquire Australia’s largest medical imaging provider, I-MED Radiology Network, for an enterprise value of A$3.4 billion ($2.43 billion), signaling a major push into the healthcare sector.
The deal will see Jardine acquire a 100% stake in I-MED from London-based private equity firm Permira and other minority shareholders, the company said in a statement Monday. Permira has owned the diagnostic imaging provider since 2018.
The transaction will be fully funded through a combination of existing cash reserves and new debt financing, and is expected to be accretive to Jardine’s earnings upon completion. I-MED operates a network of more than 250 clinics across Australia, offering services that include MRI, CT scans, and nuclear medicine.
For Jardine Matheson, a 190-year-old conglomerate with sprawling interests in property, retail, and automotive sectors, the acquisition represents a strategic diversification into the stable and growing healthcare industry. The deal also includes I-MED’s minority holding in Harrison.ai, a developer of artificial intelligence tools for radiology, providing Jardine with exposure to emerging medical technology.
The move is part of Jardine's ongoing efforts to reshape its extensive portfolio and enhance shareholder returns. Acquiring a market leader in a developed economy's healthcare system provides a source of stable, long-term revenue, balancing the group's exposure to more cyclical industries.
I-MED is the largest provider of medical imaging services in Australia, a market characterized by steady demand and high barriers to entry. The company had previously shelved plans for an initial public offering in 2015, citing market volatility at the time. The acquisition by Jardine provides a clear exit for its private equity owner Permira after a six-year holding period.
This article is for informational purposes only and does not constitute investment advice.
