Jardine Matheson buys IMED Radiology for A$3.4 billion

Jardine Matheson, the Hong Kong based investment group, has agreed to acquire IMED Radiology Network, an Australian medical imaging provider, for a total enterprise value of A$3.4 billion, or US$2.4 billion. The deal adds a significant healthcare diagnostics business to the group’s diverse portfolio, which spans property, retail, and automotive sectors.

IMED Radiology Network is a leading provider of diagnostic imaging services in Australia and New Zealand, operating 215 clinics that perform more than 7 million procedures annually. Its services include X rays, CT scans, MRI, and ultrasound. The company also offers teleradiology, the remote reading of medical scans, in Australia, New Zealand, and the United States. The acquisition includes IMED’s minority interest in Harrison.ai, a developer of radiology artificial intelligence solutions.

Under the terms of the agreement, Jardine Matheson will purchase a 100 percent stake in IMED from funds advised by private equity firm Permira and other existing shareholders. The transaction will be funded through a combination of cash reserves and debt financing. The deal values IMED at approximately 11.5 times its forecast adjusted EBITDA for...