In a significant international business move, Hong Kong-based conglomerate Jardine Matheson has announced its intention to acquire the Australian medical imaging firm I-MED Radiology Network for an enterprise value of A$3.4 billion, equivalent to approximately $2.43 billion. This acquisition marks a strategic expansion for Jardine Matheson, a 190-year-old conglomerate with diverse interests spanning property, retail, and automotive sectors.

Details of the Acquisition

Jardine Matheson will purchase a 100% stake in I-MED from funds advised by private equity firm Permira and other shareholders. The acquisition also includes I-MED’s minority stake in Harrison.ai, an Australian company known for developing AI tools for radiology, including solutions for CT brain and chest scans. According to I-MED’s website, it is the largest medical imaging provider in Australia, operating over 230 clinics across both metropolitan and regional areas in Australia and New Zealand.

Financial Aspects

The transaction will be fully funded through Jardine Matheson’s existing cash reserves and debt financing. The company anticipates that the acquisition will be earnings-accretive from the point of completion, suggesting that it will enhance the company’s earnings per share.

Background and Market Context

In 2015, I-MED had considered an initial public offering valued at A$500 million but decided against it due to global financial market volatility. This acquisition by Jardine Matheson represents a significant development in the medical imaging sector, highlighting the growing importance of advanced medical technologies and AI in healthcare.

Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.