Jardine Matheson Bets on Healthcare with $2.4 Billion I-MED Takeover

The Financial Times, Reuters, and Bloomberg contributed to this report.

Jardine Matheson has agreed to buy Australian medical imaging group I-MED Radiology Network in a deal valuing the business at A$3.4 billion ($2.4 billion), marking a bigger move into healthcare for the Hong Kong-based conglomerate.

The deal, announced Monday, will see Jardine take full ownership of I-MED from funds advised by Permira and other shareholders. It is expected to close later in 2026, pending regulatory approvals.

I-MED is no small operator. The company runs 215 imaging clinics across Australia and New Zealand and carries out more than 7 million procedures a year. It also provides teleradiology services in Australia, New Zealand and the US, helping doctors read scans remotely.

Jardine said the purchase also includes I-MED’s minority stake in Harrison.ai, which develops AI tools for radiology. That fits with Jardine’s push to back market-leading businesses in growth areas, the company said.

The group will fund the acquisition through cash and debt, though it did not break down the split. Jardine added that the deal should have no effect on underlying earnings per share in the first full year after completion, before turning accretive later.

“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,” Jardine chief executive Lincoln Pan said in the statement.

The move follows Jardine’s January buyout of Mandarin Oriental, underscoring the company’s appetite for larger control deals.