The Brief:
Jardine Matheson acquires I-MED Radiology Network from Permira for A$3.4bn, scrapping a planned ASX float.
Allens and Linklaters act for Jardines; Mallesons advises Permira and I-MED
What looked like one of the ASX’s biggest floats of the year is dead.
Jardine Matheson has swooped on I-MED Radiology Network in a $3.4bn all-cash deal, pulling the rug on Permira’s long-running IPO plans and handing the 194-year-old Hong Kong conglomerate its first major healthcare asset.
The deal marks Jardines CEO Lincoln Pan’s first big move since taking the top job, and a signal that Jardines is serious about Australia.
The deal
I-MED is the country’s largest radiology provider. 250 clinics across Australia and New Zealand. 4,900 staff. More than 7 million procedures a year. Services spanning MRI, CT, PET, X-ray, ultrasound and nuclear medicine, plus teleradiology operations reaching into the US.
Priced at 11.5x forward EBITDA, the deal also picks up I-MED's minority stake in Harrison.ai — the Australian AI radiology software developer backed by Li Ka-shing's Horizon Ventures.
I-MED posted A$1.5bn in revenue and A$260m in EBITDA in the year to 30 June.
Jardines is buying 100% and is expected to keep CEO Shrey Viranna and CFO Clare Battellino in place.
For Permira, it’s the end of a two-year exit grind. An auction last year went nowhere — Macquarie Asset Management and Bain Capital both fell short on price. A dual-track process followed. The IPO leg is now dead.
I-MED becomes the third multi-billion-dollar float candidate to bypass the ASX this year, after La Trobe Financial and Estia Health.
Completion is expected by year-end, pending regulatory approvals.
Who’s acting
Allens advised Jardine Matheson, led by private capital sector leader Emin Altiparmak and M&A partner Joshua Hoare, working alongside alliance partner Linklaters, with Chapman Tripp covering New Zealand and Cooley handling US matters.
On the sell side, Mallesons advised Permira and I-MED, co-led by private capital co-head and incoming chair Mark McNamara as well as M&A partner Anthony Boogert. The firm had been across Permira’s exit strategy — including the shelved IPO — well before the deal landed.
Allens partner Joshua Hoare said, “This transaction reflects the consistent appeal of Australian healthcare assets to global financial investors. As a long-term investor in high quality assets across Asia-Pacific, it is no surprise that Jardines would be drawn to I-MED.”