Value: Undisclosed.

Deal: International law firm Clifford Chance has advised Australian diagnostic imaging provider I-MED Radiology Network (I-MED), which is backed by global private equity firm Permira, on its entry into an agreement to acquire Alfred Medical Imaging from existing shareholders. 

The acquisition is subject to customary regulatory and third-party consents and is expected to complete later this year.

Area: M&A, healthcare.

Key players: Partner Mark Currell led a cross-practice team for the transaction, with support from counsel Jacob Kahwaji and associates Alice Bradshaw and Melanie Ray. 

The financing aspects of the transaction were led by Australia managing partner Richard Gordon, with support from senior associate Sherry Khalili.

Deal Significance: I-MED Radiology Network, Australia’s leading radiology provider, has entered into an agreement to acquire Alfred Medical Imaging. 

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The acquisition will see I-MED significantly increase its footprint in NSW, with six clinics in Sydney’s Inner West region, a clinic at the Mater Hospital in North Sydney, as well as a number of contracts to provide radiologist reporting services to NSW Health.

Dr Shrey Viranna, I-MED CEO, said that Alfred Medical Imaging is a strong fit with I-MED Radiology’s national network. I-MED’s 240 clinics are located in metropolitan as well as many regional communities across Australia, staffed by a team of over 4,000 people including 315 radiologists.

“We are delighted that Alfred Medical Imaging has decided to join I-MED Radiology Network. The acquisition is consistent with our objective of acquiring culturally aligned businesses which will enhance and extend I-MED’s leading radiology network. Alfred Medical Imaging has an outstanding reputation in the community for providing exceptional service to its patients and referrers, which makes the business an excellent fit with I-MED Radiology,” Dr Viranna said.

Mr Currell said M&A activity in the Australian healthcare sector, and in radiology specifically, has seen an increase in the last 12 months. 

“We congratulate I-MED and Permira on this strategic acquisition and are delighted to have partnered with them on this transaction,” he said.

I-MED is one of Australia’s leading radiology providers, with approximately 240 clinics located in metropolitan and regional communities across Australia. 

Alfred Medical Imaging provides a comprehensive range of medical imaging procedures including MRI and PET/CT services.