Jardine Matheson Holdings has agreed to acquire a 100% interest in I-MED Radiology Network (I-MED), a global leader in diagnostic imaging and teleradiology based in Australia, from funds advised by Permira, acting through their UK platform, and other existing shareholders for a total enterprise value of AUD$3.4 billion ($2.4 billion). The transaction also includes I-MED’s minority interest in Harrison.ai, a pioneer in developing radiology AI solutions, including CT brain and chest scans.
I-MED operates a large, integrated network of 215 diagnostic imaging clinics across metropolitan and regional communities in Australia and New Zealand. I-MED is a leader in teleradiology – the technology-enabled remote interpretation of medical images – to support diagnoses for patients receiving care where radiologists may not be available in Australia, New Zealand and the United States.
The acquisition of I-MED represents a significant step for Jardines in its strategic evolution as an Asia Pacific-focused investor and control owner of high-quality businesses in the region. The investment in I-MED is consistent with Jardines’ capital allocation priorities to invest for control in market-leading assets and to expand Jardines into strong growth verticals such as healthcare diagnostics.
The diagnostic imaging industry in Australia and New Zealand is one of the most advanced in the world, with demand underpinned by strong fundamentals including the region’s growing population, demand for non-doctor supported services, and increasing utilisation of diagnostic imaging as a tool for early diagnosis and preventative health.
I-MED’s vision to continue to be the most respected and trusted medical imaging specialists, as well as its position as a leading diagnostic imaging platform in Australia and New Zealand, fit closely with Jardines’ strategic focus as a builder of high-quality businesses over the long-term which contribute meaningfully to our communities. Jardines expects to partner with existing I-MED management to continue supporting I-MED’s growth and successful platform in Australia and New Zealand, and over time consider broader international expansion of the business.
