Investment firm finalizes $2.4B acquisition of radiology network
Global investment firm Jardine Matheson has finalized its $2.4 billion (USD) acquisition of the I-Med Radiology Network, the two announced on Thursday.
Hong Kong-based Jardines previously announced in May that it had reached a deal to buy Australia’s largest imaging provider. Founded in 2000, I-Med operates a network of approximately 215 diagnostic imaging centers across Australia and New Zealand, handling about 7 million studies annually.
The radiology group—previously held by London-based private equity firm Permira—also has a foothold in the U.S., after acquiring StatRad, America’s second largest teleradiology group, in 2024. The new owner said it plans to work closely with I-Med’s management to support the imaging firm’s continued expansion.
“Jardines is proud to announce the completion of the acquisition of I-Med and to partner with the outstanding doctors and clinicians that make I-Med the leading radiology practice in Australia,” Lincoln Pan, CEO of Jardine Matheson, said in a statement Oct. 1. “I-Med is a trusted leader in radiology, with a long history of clinical excellence and a deep network of partners in its medical communities.”
The imaging group employs over 500 radiologists and 4,000 staffers. Its teleradiology operations alone support more than 2 million patients annually, delivering 24/7 reporting services across Australia and New Zealand via I-TeleRad.
I-Med said the deal was officially completed on Sept. 30 after those involved earned the necessary regulatory approvals. The imaging group believes the partnership reflects “the quality of our clinical services and people” and the “important contribution we make to patient care.” Jardines operates as a long-term investor in high-quality businesses, with this partnership positioning the radiology group for further growth.
“Patients and referrers can continue to expect the same expert care and service from I-Med,” the imaging group said in a separate announcement. “There is no change to how we work together day to day. Our teams, clinics, clinical standards and commitment to providing high-quality diagnostic and interventional services remain unchanged.”
Permira first bought the I-Med Radiology Network from fellow private equity firm EQT in 2018. It paid nearly $900 million at the time, according to local media reports, with the sale representing a nearly 39% return on investment. I-Med has “significantly grown” its footprint since being acquired by Permira, completing a serious of “strategic acquisitions to cement its position as a regional market leader.”
You can read more about the deal from our coverage in May.
Marty Stempniak has covered healthcare since 2012, with his byline appearing in the American Hospital Association's member magazine, Modern Healthcare and McKnight's. Prior to that, he wrote about village government and local business for his hometown newspaper in Oak Park, Illinois. He won a Peter Lisagor and Gold EXCEL awards in 2017 for his coverage of the opioid epidemic.