By Rajasik Mukherjee and Yantoultra Ngui<\/p>\n
May 25 (Reuters) – Jardine Matheson said on Monday it has agreed to buy Australian medical imaging provider \u200cI-MED Radiology Network for a total enterprise value of A$3.4 billion ($2.4 billion), \u200cadding a major healthcare diagnostics business to the Hong Kong-based group.<\/p>\n
The storied investment group, whose businesses \u200bspan property, retail, and automotive sectors, said it will buy a 100% stake in I-MED from funds advised by private equity firm Permira and other shareholders.<\/p>\n
It said the deal would be funded through cash reserves and debt financing, without giving \u200ca split.<\/p>\n
Jardines said in a \u2060statement that the purchase includes I-MED’s minority interest in Harrison.ai, which develops radiology AI solutions, and fits with its strategy of \u2060investing for control in market-leading businesses and expanding into growth areas.<\/p>\n
The deal values I-MED at about 11.5 times forecast adjusted EBITDA for the year ending June 2026, \u200bexcluding the \u200bHarrison.ai stake, Jardines said in its statement. \u200bEBITDA stands for earnings before \u200cinterest, taxes, depreciation and amortisation.<\/p>\n
The firm said the deal is expected to be neutral to underlying earnings per share in its first full year after closing and accretive thereafter.<\/p>\n
“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 \u200cnew markets,” Jardines’ CEO Lincoln Pan, who started \u200bin his role in December, said in the \u200bstatement.<\/p>\n
I-MED operates 215 diagnostic imaging \u200bclinics in Australia and New Zealand and performs more than \u200c7 million procedures each year, Jardines \u200bsaid. It also provides \u200bteleradiology, or the remote reading of medical scans, in Australia, New Zealand and the U.S.<\/p>\n
The transaction requires regulatory approvals and is expected to close \u200blater in 2026, Jardines \u200csaid.<\/p>\n
In January, Jardines completed its buyout of Mandarin Oriental.<\/p>\n
($1 = 1.3970 Australian \u200bdollars)<\/p>\n
(Reporting by Rajasik Mukherjee in Bengaluru and Yantoultra Ngui in Singapore; \u200bEditing by Sherry Jacob-Phillips and John Mair)<\/p>\n","protected":false},"excerpt":{"rendered":"By Rajasik Mukherjee and Yantoultra Ngui May 25 (Reuters) – Jardine Matheson said on Monday it has agreed…\n","protected":false},"author":2,"featured_media":465809,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[34],"tags":[986,103,397,396,201422,61,60,201420,25058,47044,201421,201423],"class_list":["post-465808","post","type-post","status-publish","format-standard","has-post-thumbnail","category-healthcare","tag-australia","tag-health","tag-health-care","tag-healthcare","tag-i-med","tag-ie","tag-ireland","tag-jardine-matheson","tag-medical-imaging","tag-private-equity-firm","tag-radiology-network","tag-total-enterprise-value"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/465808","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=465808"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/465808\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/465809"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=465808"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=465808"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=465808"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}