I-Med: Jardine Matheson's Big Push Into Digital Healthcare

May 25, 2026

∙ Paid

Jardine Matheson (JM SP) has agreed to buy a 100% stake in I-MED Radiology Network (I-MED) from Permira for A$3.4bn (US$2.4bn) in an all-cash deal.
The outlay for the largest X-ray and medical scan provider in Australia, backs out 11.5x EBITDA for FY26E (June Y/E), excluding I-MED’s minority stake in Harrison.ai.
The transaction remains “subject to customary closing conditions including regulatory approvals“ - that should include FIRB - and is “expected to complete later in 2026“.

The Trade:

Matheson has been proactive with Hongkong Land (HKL SP) and then Mandarin Oriental International (MAND SP).
I expected more accretion/recycling.
This transformative transaction is a bold new direction.
I still like Matheson outright.

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