Hong Kong-based Jardine Matheson buys Australian diagnostic group I-MED for US$2.4 billion

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.A pedestrian stands next to a banner for Australia’s I-MED Radiology Network in Sydney. Photo: Reuters