I-MED Radiology Network (“I-MED” or “the Company”), a leading provider of diagnostic imaging and teleradiology services, today announced that Jardine Matheson Holdings Limited (“JMH” or “Jardines”) has agreed to acquire 100% of I-MED from funds advised by Permira, acting through their UK platform, and other existing shareholders for a total enterprise value of AUD$3.4 billion (US$2.4 billion).

Founded in 1832, Jardines is a diversified, Asia Pacific-focused investment company that builds lasting, scalable businesses delivering sustainable returns and market-leading products and services.

Permira acquired I-MED in 2018 and has partnered with management and radiologists to help them accelerate the Company’s growth strategy across three core pillars: network expansion, AI transformation & digital infrastructure, and clinical excellence.

Today, I-MED operates an integrated network of 215 diagnostic imaging clinics across metropolitan and regional communities in Australia and New Zealand, and is a leader in teleradiology in Australia, New Zealand and the United States. The Company performs approximately 7 million patient procedures annually, supported by expert radiologists and clinical support professionals who bring exceptional skill, care and professionalism to their work, and it is their dedication that sits at the centre of everything the Company has achieved. This is matched by the trust patients and referring clinicians place in I-MED, and ensures the Company remains committed to setting the standard for diagnostic imaging.

I-MED is a leader in the application of AI to diagnostic imaging, having developed proprietary AI solutions deployed across its clinical and operational workflows. The Company’s scale, integration and common technology platform enable market-leading deployment, including the responsible use of its clinical data under established governance practices.

I-MED’s vision to be the most respected and trusted medical imaging specialist, and its position as a leading diagnostic imaging platform in Australia and New Zealand, aligns closely with Jardines’ strategy of building high-quality, long-term businesses that contribute meaningfully to their communities.

Dr Shrey Viranna, CEO of I-MED, said: “This is an exciting new chapter for I-MED. Permira has been an exceptional long-term partner, and their investment and support has enabled us to expand our network, invest in clinical excellence, pioneer AI-driven diagnostics and, most importantly, meaningfully improve the patient and practitioner experience.

“We are looking forward to working with Jardines, well known as a long-term investor and owner in the region, to execute on our growth agenda. This means continuing to deliver high-quality, expert diagnostic services for the benefit of patients while also enhancing our service offering, implementing AI solutions and exploring international growth opportunities.”

Lincoln Pan, CEO of Jardine Matheson, said: “Jardines is excited to partner with Dr Shrey Viranna, Clare Battellino, and the outstanding doctors and clinicians of I-MED. I-MED have a first-class management team, which have not only driven consistent earnings growth, but have stayed at the cutting edge of innovation, including bold steps into AI which will allow them to strengthen their market-leading position, while still supporting high clinical standards. 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. 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 new markets. We want to thank the Permira team for the strong partnership and collaboration on this transaction.”

 Silvia Oteri, Partner and Global Head of Healthcare at Permira, said: “When we backed I-MED in 2018, we saw a business with a strong market position and a deeply trusted clinician network, operating in a sector where structural tailwinds are exceptional - diagnostic imaging is at the heart of modern preventive medicine. In the years since, the I-MED team has built something well beyond the largest diagnostic imaging platform in the region; today, it is a business that has embraced AI and technology without losing sight of what makes it special, which is the quality and trust of its clinical relationships and its unwavering focus on its patients. Delivering a strong exit in this market environment reflects both the quality of the asset and the remarkable work Shrey, Clare and the rest of the I-MED management team have put in. We are proud of what we built together and wish them, Lincoln Pan and Jardines every success in this next exciting chapter.”

I-MED's clinics will continue to operate as normal, staffed by the same expert teams of radiologists, radiographers and clinical professionals. Referrers can expect the same responsive, high-quality reporting they rely on, and patients will continue to receive the same compassionate, expert care across I-MED's network in Australia and New Zealand and its teleradiology services in the United States.

The transaction is subject to customary regulatory approvals and conditions and is expected to complete by the end of 2026.

Jefferies is acting as financial advisors, and Mallesons is acting as legal advisor to the Company.