Jardines buys I-MED for $2.4B; healthcare deal clears Tier-1 M&A bar

AUD3.4B ($2.4B) is the number that makes Jardine Matheson Holdings' I-MED Radiology Network acquisition a Tier-1 market story. In a 25 May company announcement, Jardines said it will acquire 100% of I-MED from Permira-advised funds and other shareholders.

The valuation is about 11.5x projected adjusted EBITDA for the 12 months ending June 2026 for I-MED's core business, excluding the value of its Harrison.ai stake. Jardines said the transaction will be funded with existing cash resources and debt facilities, while its 2026 underlying EPS and dividend guidance remain unchanged. That combination keeps the event inside the M&A filter without relying on speculative share-price commentary.

I-MED operates 215 diagnostic imaging clinics across Australia and New Zealand, performs more than 7M patient procedures annually, and has more than 500 radiologists in Australia. The company also runs teleradiology operations serving Australia, New Zealand and the United States, giving Jardines a controlled healthcare diagnostics platform rather than a minority financial investment.

The strategic point is capital redeployment. Jardines said I-MED fits its push into controlled, scalable Asia-Pacific businesses after recent capital recycling. The company also pointed to proprietary AI tools already used in I-MED's clinical and operational workflows, including radiology applications tied to CT brain and chest scans through Harrison.ai.

Closing remains subject to customary conditions including regulatory approvals and is expected later in 2026. Investors will next watch Jardines' 16 June investor day in Hong Kong for any update on leverage, integration cost, and medium-term return targets.

Not investment advice. Verify all figures with primary sources before acting.