Jardine Matheson buys Australia's I-MED Radiology from Permira for $2.4 billion

Jardine Matheson Holdings Ltd. has agreed to buy Australian medical imaging provider I-MED Radiology Network Ltd. from private equity firm Permira in a deal valued at about $2.4 billion, according to Bloomberg. The acquisition gives the Asia-focused conglomerate a larger foothold in healthcare and adds a business that operates one of Australia’s biggest diagnostic-imaging networks.

The purchase marks a significant expansion for Jardine Matheson, a long-established holding company whose interests range across transport, property, retail and financial services. By moving further into healthcare, the company is broadening its portfolio at a time when demand for medical services in many developed markets has been rising. Diagnostic imaging, which includes services such as X-rays, CT scans and MRIs, is a core part of modern healthcare because it helps doctors detect and monitor disease.

I-MED is based in Sydney and has built a large network of radiology clinics and imaging centres across Australia. The business has been owned by Permira, a global private equity firm, which had backed the company’s growth. As reported by Bloomberg, the transaction will transfer ownership from Permira to Jardine Matheson, although the financial details beyond the headline valuation were not immediately disclosed in the summary provided.

The deal matters not only because of its size, but also because it highlights continued investor interest in healthcare assets that generate steady revenue and serve essential services. Medical imaging providers often benefit from recurring demand, aging populations and the central role of diagnostics in treatment pathways. For Jardine, the acquisition could offer more predictable earnings than some of its more cyclical businesses, while also deepening its presence in Australia.

What happens next will depend on regulatory approvals and the completion process, which are standard for large cross-border acquisitions. If finalized, the purchase would add a major healthcare platform to Jardine’s holdings and could signal further interest from large conglomerates in defensive, service-based businesses with long-term growth potential.