Jardine Matheson is making a major move into healthcare diagnostics with an agreement to buy Australia’s I-MED Radiology Network at a total enterprise value of A$3.4 billion, or about $2.4 billion. The deal gives the Hong Kong-based investment group full control of one of Australia and New Zealand’s largest medical imaging providers, while also strengthening its exposure to healthcare technology and artificial intelligence.
A Major Healthcare Bet From Jardine Matheson
Jardine Matheson said on Monday that it has agreed to acquire 100% of I-MED Radiology Network from funds advised by private equity firm Permira and other shareholders.
The acquisition marks a significant healthcare expansion for Jardine, a long-established investment group with businesses across property, retail, automotive, and other major sectors. By adding I-MED, Jardine is entering a diagnostics market supported by rising demand for medical imaging, specialist healthcare services, and technology-driven patient care.
Why I-MED Fits Jardine’s Growth Strategy
Jardine said the purchase aligns with its strategy of investing for control in market-leading businesses and expanding into growth areas. The deal also includes I-MED’s minority interest in Harrison.ai, a company that develops artificial intelligence solutions for radiology.
That AI exposure could become increasingly important as healthcare providers look for faster, more accurate, and more scalable ways to support radiologists and diagnostic clinics.
A Business With Large-Scale Reach
I-MED operates 215 diagnostic imaging clinics across Australia and New Zealand. According to Jardine, the company performs more than 7 million procedures each year.
The business also provides teleradiology services, allowing medical scans to be read remotely across Australia, New Zealand, and the United States. That gives I-MED a wider platform beyond physical clinics and positions it in a growing part of modern healthcare delivery.
Deal Valuation and Financial Impact
Jardine said the transaction values I-MED at about 11.5 times forecast adjusted EBITDA for the year ending June 2026, excluding the Harrison.ai stake. EBITDA refers to earnings before interest, taxes, depreciation, and amortisation.
The company said the acquisition will be funded through cash reserves and debt financing, though it did not provide a breakdown between the two sources.
Jardine also said the deal is expected to be neutral to underlying earnings per share in its first full year after closing and accretive after that.
CEO Sees Room for Expansion
Jardine’s CEO Lincoln Pan, who started in the role in December, pointed to I-MED’s existing leadership position and its future growth potential.
“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,” Jardines’ CEO Lincoln Pan said in the statement.
His comments suggest Jardine sees the acquisition as more than a financial investment. The group appears to be positioning I-MED as a platform for broader healthcare growth across established and emerging markets.
Healthcare Becomes a Bigger Priority
The acquisition shows how major investment groups are increasingly looking at healthcare as a long-term growth sector. Medical imaging sits at the center of diagnosis for many conditions, and demand for scans, remote reading, and AI-assisted radiology continues to rise.
For Jardine Matheson, buying I-MED gives the company immediate scale in healthcare diagnostics, exposure to AI-enabled medical tools, and a strong position in Australia and New Zealand’s radiology market.
Closing Paragraph
Jardine Matheson’s $2.4 billion acquisition of I-MED Radiology Network represents a clear push into healthcare diagnostics and technology-backed medical services. With hundreds of clinics, millions of annual procedures, teleradiology operations, and a stake in radiology AI through Harrison.ai, I-MED gives Jardine a powerful platform for future healthcare growth.
