Jardine Matheson acquires I-MED Radiology Network

Jardine Matheson has reached an agreement to acquire I-MED Radiology Network, Australia’s largest provider of diagnostic imaging services, from private equity firm Permira for AU$3.4 billion. The transaction grants Jardine Matheson a strategic foothold in the healthcare diagnostics sector, expanding its presence across Australia and New Zealand.

I-MED operates 215 clinics and offers comprehensive imaging services, including MRI, CT, X-Ray, Ultrasound, and Nuclear Medicine. The company handles over seven million patient procedures annually and runs a teleradiology service, I-TeleRAD, that services hospitals in the region. I-MED also holds a stake in AI innovation company Harrison.ai. Permira acquired I-MED in 2018 and during its tenure, the firm supported I-MED’s growth into New Zealand and the US while enhancing its technological capabilities, notably through investments in artificial intelligence.

Jardine Matheson views this acquisition as an opportunity to build on I-MED’s established market leadership and technological advancements. Dr. Shrey Viranna, CEO of I-MED, highlighted that the partnership with Jardine Matheson will further support the company’s growth, particularly in AI-driven diagnostics and clinical excellence. The acquisition aligns with Jardine Matheson’s broader strategy to diversify its investment portfolio into sectors with robust growth potential.

Permira's exit from I-MED underscores a broader trend in private equity of capitalizing on robust valuations within the healthcare sector. The divestment follows previous successful exits for Permira in 2026, including firms such as Evelyn Partners and AltamarCAM. I-MED’s investment in AI and the strengthening of its digital infrastructure are viewed as significant contributors to its enhanced valuation.

The transaction marks a continued focus on healthcare diagnosis digitalization and AI integration, trends gaining traction amid increasing demand for efficient healthcare delivery. As the deal moves forward, the industry will be keenly observing how Jardine Matheson navigates regulatory approvals and integrates I-MED into its operations.