May 25 (Reuters) – Hong Kong-based conglomerate Jardine Matheson said on Monday that it will acquire Australian medical imaging firm I-MED Radiology Network (I-MED) for an enterprise value of A$3.4 billion ($2.43 billion).
The 190-year-old conglomerate, whose businesses span property, retail, and automotive sectors, said it 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 Australia-based developer of AI tools for radiology, including CT brain and chest scan solutions.
According to its website, I-MED is Australia’s largest medical imaging provider, operating more than 230 clinics across metropolitan and regional areas in Australia and New Zealand.
Jardine Matheson said the transaction will be fully funded through existing cash reserves and debt financing, and is expected to be earnings-accretive from completion.
In 2015, Reuters reported that I-MED shelved its plans for a A$500 million initial public offering due to volatility in global financial markets.
($1 = 1.3970 Australian dollars)
(Reporting by Rajasik Mukherjee; Editing by Sherry Jacob-Phillips)
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