Jardine Matheson Holdings, a Hong Kong-listed conglomerate, announced on May 25 it will acquire Australian medical diagnostic imaging provider I-MED Radiology Network for A$3.4 billion (approximately US$2.4 billion) [1, 2, 3]. The deal includes I-MED's minority stake in Harrison.ai, a firm developing AI radiology solutions for CT brain and chest scans [1, 2, 3].
I-MED operates 215 diagnostic imaging clinics across Australia and New Zealand, performing over 7 million patient procedures annually [1, 2, 3]. The acquisition values I-MED at about 11.5 times forecast adjusted EBITDA for the 12 months ending June 2026, excluding the Harrison.ai stake [3].
Jardine will fund the transaction through existing cash reserves and debt facilities [1, 3]. The acquisition is expected to close later in 2026, subject to regulatory approvals and customary closing conditions [1, 3].
Lincoln Pan, CEO of Jardine Matheson since 2025, said the company aims to be a "long-term, committed investor," growing "larger, high-quality businesses across our portfolio" and supporting I-MED in its next growth phase [1]. Pan noted that I-MED's management has driven consistent earnings and remained innovative, including "bold steps into AI" to strengthen their market position while maintaining clinical standards [2].
Pan was appointed CEO in 2025 as part of Jardine’s push to improve investor returns, replacing a three-decade company veteran [1]. Jardine’s core business earnings per share and dividend guidance for 2026 remain unchanged despite the deal [1].
Earlier in January 2026, Jardine completed its full takeover of Mandarin Oriental International hotel group, marking another significant acquisition under Pan's leadership [1, 2].
The acquisition of I-MED adds a major asset to Jardine’s portfolio, expanding its presence in the medical diagnostics sector across Australia and New Zealand. The deal's closing later this year will depend on meeting regulatory and closing conditions [1, 3].
