A major Hong Kong conglomerate announced Monday it will purchase Australia’s biggest medical imaging company in a deal worth $2.4 billion.
Jardine Matheson, a business empire that has operated for 190 years across property, retail, and automotive industries, revealed plans to buy I-MED Radiology Network for an enterprise value of A$3.4 billion ($2.43 billion).
The Hong Kong company will take complete ownership of I-MED from private equity firm Permira and additional shareholders who currently control the business.
The purchase agreement encompasses I-MED’s partial ownership in Harrison.ai, an Australian company that creates artificial intelligence technology for medical imaging, including brain and chest CT scan applications.
I-MED operates as Australia’s top medical imaging service provider, running more than 230 facilities throughout urban and rural locations in both Australia and New Zealand, according to the company’s website.
The Hong Kong conglomerate stated it will finance the complete transaction using available cash and borrowed funds, anticipating the deal will boost earnings once finalized.
Back in 2015, I-MED abandoned plans for a A$500 million stock market debut due to unstable conditions in worldwide financial markets, Reuters previously reported.
