Jardine Matheson to buy I-MED Radiology for $3.1b

The deal gives it full control of I-MED clinics across Australia and New Zealand.

Jardine Matheson Holdings Limited (JMH) has agreed to acquire a 100% stake in I-MED Radiology Network for an enterprise value of $3.11b (AU$3.4b), in a transaction it said is consistent with its capital allocation framework.

The acquisition from funds advised by Permira and other shareholders includes I-MED’s minority interest in Harrison.ai.

JMH said the deal will be funded through cash on balance sheet and debt, and that its underlying earnings per share and dividend guidance for 2026 remain unchanged.

The transaction is valued at around 11.5 times forecast adjusted EBITDA for the 12 months ending June 2026 for I-MED’s core business, excluding the Harrison.ai stake.

I-MED Radiology Network operates 215 diagnostic imaging clinics across Australia and New Zealand and performs more than 7 million patient procedures annually.

The group provides MRI, CT, PET, nuclear medicine, ultrasound, and X-ray services, supported by a network of more than 500 radiologists in Australia.

The deal is subject to customary closing conditions, including regulatory approvals, and is expected to complete later in 2026.

JMH has also moved to take full control of Mandarin Oriental International Limited through its acquisition of the remaining minority stake early in 2026.

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