Jardine Matheson (SGX:J36) has agreed to fully acquire Australia-based I-Med Radiology Network for AU$3.4 billion as part of its strategy to invest in and control "high-quality businesses" in Asia Pacific.
I-Med operates 215 diagnostic imaging clinics across Australia and New Zealand, according to a Monday filing with the Singapore Exchange.
The Singapore-listed conglomerate will acquire the business from funds advised by private equity firm Permira.
The transaction also includes I-Med's minority stake in Harrison.ai, a developer of AI radiology products.
Jardines said the investment is also in line with its plans to expand into "strong growth verticals" such as healthcare diagnostics.
"As a long-term, committed investor, our goal is to build larger, high-quality businesses across our portfolio, and we look forward to supporting I-MED in the next phase of its growth. I-MED is already a market leader in radiology today, and we expect the business will expand further in I-MED's core markets as well as
new markets," said Jardines CEO Lincoln Pan.
I-Med performs more than 7 million patient procedures annually. The imaging services provider has integrated AI medical technologies into its operations alongside its teleradiology system, which allows for the remote interpretation of medical images.
"We are looking forward to working with Jardines, well known as a long-term investor and owner in the region, to execute on our growth agenda," I-Med CEO Shrey Viranna said.
"This means continuing to deliver high-quality, expert diagnostic services for the benefit of patients while also enhancing our service offering, implementing AI solutions and exploring international growth opportunities."
Jardines, an Asia-focused diversified investment company, has recently ramped up efforts to boost shareholder returns. In November 2025, the conglomerate launched a share buyback program expected to return approximately $250 million to its investors.
This followed an October 2025 move to acquire the remaining outstanding shares of Mandarin Oriental International (SGX:M04), subsequently delisting the hotel group from the Singapore bourse.
After facing headwinds from U.S. tariff hikes the previous year, Jardines rebounded to profitability for the full year 2025. The company posted a profit attributable to shareholders of $1.11 billion, a sharp recovery from the $468 million loss reported a year earlier.
The I-Med acquisition is subject to customary closing conditions, including regulatory approvals, and is expected to be completed later this year, Jardines said.
