Investment firm agrees to buy Australian radiology provider

Shareholders of I-MED Radiology Network, one of Australia’s largest imaging providers, have approved a deal that would see a company backed by the investment firm Permira acquire its business.

I-MED was formed in 2000 and operates more than 200 radiology clinics throughout Australia. The company includes more than 300 radiologists, 50 nuclear medicine physicians and 3,500 other employees.

“Permira will be excellent partners for the next chapter of our organization’s growth and we look forward to working with their experienced global healthcare team,” Paul McClintock, I-MED Chairman, said in a prepared statement. “With their funds’ investment, Permira brings resources and expertise to I-MED as we continue to grow and develop the business.”

Financial terms of the deal have not been officially released. According to one report, however, sources close to the transaction say Permira will acquire I-Med for approximately $1.1 billion.