Hong Kong – Singapore-listed Jardine Matheson Holdings agreed to buy Australian medical diagnostic imaging provider I-MED Radiology Network from private equity firm Permira, as the Asia-focused conglomerate seeks to expand its portfolio.
The transaction gives I-MED an enterprise value of A$3.4 billion (S$3.1 billion), Hong Kong-based Jardine said in a statement on May 25. Jardine will pay with cash on balance sheet from capital recycling activities and debt.
As part of the deal, Jardine will also buy I-MED’s minority interest in Harrison.ai, a firm that develops radiology artificial intelligence solutions including CT brain and chest scans.
Jardine’s underlying earnings per share and dividend guidance for 2026 remains unchanged, the company said. The transaction is expected to complete later this year.
Shares in Jardines, as the group is typically known, climbed as much as 2.3 per cent on May 25 in Singapore, before paring some of the gains. The stock has surged 56 per cent in the past 12 months, giving the company a market value of US$21.1 billion.
Jardines, which traces its roots back to an opium trading house founded in 1832, has recently been ramping up efforts to increase investor returns. In 2025, it appointed Lincoln Pan, previously co-head of private equity at PAG, as chief executive officer to replace a three-decade veteran. In January, Jardines bought the remaining 12 per cent of hotel arm Mandarin Oriental International it didn’t already own.
“As a long-term, committed investor, our goal is to build larger, high-quality businesses across our portfolio, and we look forward to supporting I-MED in the next phase of its growth,” Mr Pan said in the statement. The business is expected to grow in its core markets as well as new ones, he added.
I-MED operates a network of 215 diagnostic imaging clinics across Australia and New Zealand. It performs more than seven million patient procedures annually. BLOOMBERG
