What deal did Jardine Matheson announce regarding the healthcare sector?

Jardine Matheson has agreed to fully acquire Australia's largest diagnostic imaging provider, I-MED Radiology Network, from private equity firm Permira. The all-cash transaction values I-MED at an enterprise value of US$2.4 billion (A$3.4 billion) and is expected to close in late 2026 subject to regulatory approvals.

Why is Jardine Matheson acquiring I-MED Radiology Network?

The 190-year-old conglomerate is executing a strategic pivot toward an investment management model targeting developed Asian and Pacific markets.

What assets and operations are included in the I-MED acquisition?

The transaction includes 100% of I-MED's core business, which operates 215 diagnostic imaging clinics across Australia and New Zealand, alongside a teleradiology business operating across Australia, New Zealand, and the US.

How will this transaction affect Jardine Matheson's (SGX: J36) earnings per share?

Management projects the acquisition to be underlying earnings per share (EPS) neutral during its first full year of consolidation. After the initial twelve-month integration period, the corporate asset is forecasted to become accretive to Jardine Matheson’s underlying EPS

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Jardine Matheson buys Australia's I-MED for US$2.4B

Written by Liezl GambePublished May 25, 2026, 7:00 AM

Hong Kong-based conglomerate Jardine Matheson has agreed to acquire Australia’s I-MED Radiology Network from private equity firm Permira in an all-cash transaction valued at US$2.4 billion.

The 190-year-old group noted that the acquisition bolsters its exposure to the defensive healthcare sector, aligning with capital allocation priorities to secure control of market-leading assets and expand into growth verticals.

The transaction includes I-MED’s minority interest in Harrison.ai, an Australian developer of artificial intelligence solutions for radiology, including CT brain and chest scan analysis.

As Australia's largest diagnostic imaging provider, I-MED operates 215 clinics across metropolitan and regional communities in Australia and New Zealand, performing more than seven million patient procedures annually.

The company also maintains a growing teleradiology business spanning Australia, New Zealand and the United States.

Jardine Matheson plans to finance the acquisition through a combination of existing balance-sheet cash and debt facilities.

The return on capital is expected to exceed its cost of capital, successfully meeting the financial hurdles outlined in its capital allocation framework. The acquisition is projected to be underlying earnings per share neutral in its first full year before becoming accretive.

Subject to customary closing conditions and regulatory approvals, the transaction is expected to be completed in late 2026.

Jardine Matheson’s CEO, Lincoln Pan, stated that the group looks forward to supporting I-MED’s next phase of growth and expanding the network into both core and entirely new markets.