Jardine Matheson : Acquisition of I-MED Radiology Network from Permira

About this update from Jardine Matheson Holdings Limited

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION Jardine Matheson Holdings Limited (Jardines) today announces that it has agreed to acquire a 100% interest in I-MED Radiology Network (I-MED), a global leader in diagnostic imaging and teleradiology based in Australia, from funds advised by Permira, acting through their UK platform, and other existing shareholders for a total enterprise value of AUD$3.4 billion (US$2.4 billion). The transaction also includes I-MED's minority interest in Harrison.ai, a pioneer in developing radiology AI solutions, including CT brain and chest scans. Key Highlights Global leader in diagnostic imaging based in an attractive developed Asia Pacific market with strong structural growth prospects and defensive industry characteristics Fully aligned with Jardines' long-term investment strategy: a market leader in its field, scalable within the region, accretive to growth and fully controlled from day one Strong leadership team which has delivered consistent earnings growth and stayed at the forefront of innovation Jardines' patient capital will support investment to scale the business and explore new markets, maintaining high levels of growth in the medium term Attractive valuation at approximately 11.5x forecasted adjusted EBITDA for the 12 months ending June 2026 for the core business - excluding the stake in Harrison.ai - and expected to generate returns above targets under Jardines' capital allocation framework Transaction to be funded from cash on balance sheet from recent capital recycling initiatives and debt. Jardines' underlying EPS and dividend guidance for 2026 remains unchanged Lincoln Pan, CEO of Jardines, said: "Jardines is excited to partner with Dr Shrey Viranna, Clare Battellino, and the outstanding doctors and clinicians of I-MED. I-MED have a first-class management team, which have not only driven consistent earnings growth, but have stayed at the cutting edge of innovation, including bold steps into AI which will allow them to strengthen their market-leading position, while still supporting high clinical standards. 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 marke...

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