Jardine Matheson, an investment company headquartered in Hong Kong, announced on Monday the A$3.4 billion (US$2.4 billion) acquisition of the entire stake of an Australian diagnostic and teleradiology group.
The acquisition of I-MED Radiology Network, which spans 215 diagnostic imaging clinics across metropolitan and regional communities in Australia and New Zealand, is one of Jardine Matheson’s largest in recent years, following its full takeover of the luxury hotel unit Mandarin Oriental in a buyout completed in January, which valued the unit at US$4.2 billion.
The deal marked “a significant step” for Jardine Matheson’s “strategic evolution as an Asia-Pacific-focused investor and control owner of high-quality businesses in the region”, the investment company said in a statement. The deal also covered I-MED’s minority interest in Harrison.ai, which develops radiology AI solutions, including CT brain and chest scans.
“The investment in I-MED is consistent with Jardines’ capital allocation priorities to invest for control in market-leading assets and to expand Jardines into strong growth verticals such as healthcare diagnostics,” the statement said.
“Jardines is excited to partner with Dr Shrey Viranna, Clare Battellino and the outstanding doctors and clinicians of I-MED,” said Lincoln Pan, CEO of the Jardine Matheson, whose assets span real estate, retail and hotels with stakes in Hongkong Land, Wellcome supermarket chain and 7-Eleven in Hong Kong, Macau and Singapore owner DFI Retail Group and Mandarin Oriental. Both Wellcome and 7-Eleven are owned and operated by DFI.
“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,” Pan said, adding that Jardine Matheson’s goal is to support I-MED in the next phase of its growth.

Jardine Matheson expects I-MED’s core business to generate returns above targets.
“This is an exciting new chapter for I-MED,” said Shrey Viranna, CEO of I-MED. “We are looking forward to working with Jardine, well known as a long-term investor and owner in the region, to execute on our growth agenda.”
The transaction “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.”
I-MED provides teleradiology services, or technology-enabled remote interpretation of medical images, to support diagnoses for patients receiving care where radiologists may not be available, in Australia, New Zealand and the US.
The provider performs over 7 million procedures annually in clinics, led by teams of radiologists, radiographers and clinical support professionals – including a team of over 500 radiologists in its home country of Australia. I-MED also provides a range of imaging and diagnostic services, including MRI, CT, PET (positron emission tomography), nuclear medicine, ultrasound and X-ray, according to Jardine Matheson’s statement.
Its services also include support for trauma patients and providing offsite diagnostic services for emergency rooms.
The acquisition will be funded through a combination of Jardine Matheson’s existing cash resources and debt facilities. An investor day will be held on June 16 in Hong Kong to provide more information on the transaction, Jardine Matheson said.
The transaction remains subject to regulatory approvals and is expected to be completed later this year.
Jardine Matheson is headquartered in Hong Kong but is listed on the Singapore and London stock exchanges.

Original source: cn