Jardines buys Australian radiology group in AU$3.4bn deal

BY Fraser Tennant

In a deal that looks beyond its conventional businesses, investment company Jardine Matheson is to acquire Australian medical imaging provider I-MED Radiology Network for AU$3.4bn.

Jardines, whose businesses span property, retail and automotive sectors, will buy a 100 percent stake in I-MED from funds advised ⁠by UK private equity firm Permira and other shareholders. The deal will be funded through a combination of Jardines’ existing cash resources and debt facilities.

The transaction also includes I-MED’s minority interest in Harrison.ai, a pioneer in developing radiology artificial intelligence (AI) solutions, including CT brain and chest scans.

The diagnostic imaging industry in Australia and New Zealand is one of the most advanced in the world, with demand underpinned by strong fundamentals including the region’s growing population, demand for non-doctor supported services, and increasing utilisation of diagnostic imaging as a tool for early diagnosis and preventative health.

The acquisition of I-MED represents a significant step for Jardines in its strategic evolution as an Asia Pacific-focused investor and control owner of high-quality businesses in the region.

“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,” said Lincoln Pan, chief executive of Jardines. “I-MED is already a market leader in radiology today, and we expect the business will expand further in I-MED’s core markets as well as new markets.”

Operating a large, integrated network of 215 diagnostic imaging clinics across metropolitan and regional communities in Australia and New Zealand, I-MED is a leader in teleradiology – the technology-enabled remote interpretation of medical images – to support diagnoses for patients receiving care where radiologists may not be available in Australia, New Zealand and the US.

“We are looking forward to working with Jardines to execute on our growth agenda,” said Dr Shrey Viranna, chief executive of I-MED. “This means continuing to deliver high-quality, expert diagnostic services for the benefit of patients while also enhancing our service offering, implementing AI solutions and exploring international growth opportunities.”

The transaction is subject to customary closing conditions including regulatory approvals, and is expected to complete in late 2026.

“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,” added Mr Pan.

News: Jardine Matheson to buy Australia's I-MED at $2.4 billion enterprise value in healthcare push

Indicor sold to Ametek for around $5bn

BY Richard Summerfield

Industrial technology group Ametek has agreed to acquire the instrumentation businesses of Indicor, a portfolio company of private equity firm Clayton, Dubilier & Rice (CD&R), in an all-cash deal valued at around $5bn.

According to a statement announcing the deal, Ametek plans to fund the acquisition through borrowings under its existing credit facility and new debt issuance. The transaction is subject to customary closing conditions, including applicable regulatory approvals, and is expected to close in the second half of 2026.

Indicor, which is owned by CD&R, designs and produces testing and control equipment ​used for scientific and industrial applications. ​It generates $1.1bn in annual sales, according to Ametek.

“Indicor is an exceptional fit for Ametek,” said David A. Zapico, chairman and chief executive of Ametek. “In a single transaction, we are adding a high-quality group of businesses with differentiated technologies, complementary market positions, and attractive growth prospects. We see meaningful potential to create value through integration into AMETEK’s operating model.”

Indicor itself is a 16-brand industrial-instrumentation portfolio (including Alpha, AMOT, CCC, Cornell, Dynisco, Roper Pump, Struers, Uson and others) that originated as a 2022 carve-out from Roper Technologies, with CD&R taking a 51 percent majority stake at a $3.6bn enterprise value and Roper retaining a 49 percent minority equity interest plus $2.6bn in upfront cash. The company adopted the Indicor brand name in January 2023.

Under the terms of the deal, Ametek is not buying the whole Indicor portfolio; rather, the deal is for the test-and-measurement subset specifically. The pumps-and-valves businesses, namely Roper Pump, Cornell, AMOT and Hansen, will remain inside Indicor under CD&R’s continued majority ownership.

According to Private Equity Insights’ deal analysis, the total cash consideration of $5bn is in the 12-14x earnings before interest, taxes, depreciation and amortisation (EBITDA) range, and the firm is on track for a 2.5-3.5x money multiple on its original equity once the remaining pumps-and-valves businesses exit separately. This is a strong return, particularly in the context of PE industrial exits in 2025 and the first half of 2026 where exits have been difficult to achieve, thanks to rising rates and compressed strategic-buyer multiples.

Roper, the original seller, also benefits from the Indicor deal. Per its 2022 announcement, its 49 percent minority interest entitles it to a proportional share of exit proceeds. The sale to Indicor returns material cash to Roper on top of the original $2.6bn.

News: AMETEK Announces Agreement to Acquire Indicor Instrumentation

Bullish to acquire Equiniti for $4.2bn

BY Richard Summerfield

Cryptocurrency exchange Bullish has agreed to acquire Equiniti, a leading global transfer agent and provider of mission-critical shareholder services, from private equity firm Siris Capital in a deal worth $4.2bn.

Under the terms of the deal, which is expected to close in January 2027, subject to regulatory approvals, Bullish will acquire around $1.85bn of assumed Equiniti debt. The rest of the transaction is comprised of approximately $2.35bn in Bullish stock consideration, subject to customary purchase price adjustments.

The transaction also includes a call option for Siris to acquire non-core Equiniti business lines. The financials of those business lines were excluded from the transaction disclosures. Siris is expected to receive two board seats as part of the deal. Siris acquired Equiniti in 2021 and has played a central role in the company’s strategic development over the last five years.

“Tokenization is a once-in-a-generation shift in how capital markets operate, the defining infrastructure trend of the next 25 years,” said Tom Farley, chief executive of Bullish. “Broad adoption at institutional scale requires three things: end-to-end tokenization services, a single, unified ledger, and a broad base of blue-chip issuer relationships, at scale. This combination delivers all three and I believe it uniquely positions us to lead the transition to tokenized securities.”

“Equiniti sits at the heart of global capital markets, supporting clients who rely on resilient and trusted infrastructure,” said Dan Kramer, chief executive of Equiniti. “When I joined, the mission was clear: support our clients as they modernize by combining deep operational expertise with modern technology in a responsible way. This transaction reflects that intent. It strengthens our ability to support clients as markets evolve, while maintaining the stability, service, and trust they expect from Equiniti. Working closely with Tom over the last few months, it’s clear we share a common view: market infrastructure should modernize thoughtfully, securely, and with clients leading the way.”

“When Siris invested in Equiniti, we identified a scaled, high quality infrastructure platform with deep client relationships, and partnered closely with Dan and his team to strengthen the business and prepare it for its next phase of growth,” said Frank Baker, co-founder and managing partner of Siris. “This outcome reflects our strategy of backing tech enabled services businesses at the center of market transformation, and we are confident that Bullish is exceptionally well positioned to build on Equiniti’s strength in an evolving capital markets ecosystem.”

Equiniti is a global transfer agent serving nearly 3000 issuer clients, around 15,000 corporate clients and more than 20 million shareholders. The company processes about $500bn in annual payments.

After deal completion, Equiniti will operate under Bullish alongside Bullish Exchange and CoinDesk. Mr Kramer and the existing leadership team will continue to oversee day-to-day operations, regulatory obligations and client relationships.

News: Crypto exchange Bullish to buy Equiniti for $4.2 billion in capital markets push

Blue Owl to acquire Sila Realty Trust in $2.4bn deal

BY Richard Summerfield

Blue Owl Capital’s real estate investment arm has agreed to acquire US net lease real estate investment trust (REIT) Sila Realty Trust in a deal worth $2.4bn

Under the terms of the deal, Blue Owl will pay $30.38 per share for all the outstanding shares ​of the Tampa, Florida-based REIT, a 19 percent premium to Sila’s closing price of $25.53 ​on 17 April, the day before the announcement.

The addition of Sila, which owns 137 real estate properties and three undeveloped land parcels, located in 65 markets across the US, will bolster the real estate division of Blue Owl. That division currently accounts for around a quarter of the company’s roughly $307bn in assets under management. It also invests in industrial facilities and ​data centres, and credit secured by other properties.

The transaction, which has been unanimously approved by Sila’s board of directors, is expected to close in the second or third quarter of 2026, subject to approval by Sila’s shareholders and other customary closing conditions. Subject to and upon completion of the transaction, Sila will become a private company, and shares of Sila’s common stock will be de-registered under the Securities Exchange Act of 1934 and will no longer trade on the New York Stock Exchange.

“I am extremely proud of the company that we have built at Sila Realty Trust,” said Michael A. Seton, president and chief executive officer of Sila. “Our success in curating a portfolio of high-quality net lease healthcare properties is a testament to the vision, skill, dedication, and culture to which all my colleagues have contributed. Sila’s management team’s unwavering commitment to put our shareholders as our top priority is evidenced by the undertaking of a strategic process and execution of this transaction with Blue Owl managed funds, the leading global investor in net lease assets and sale-leasebacks. The consummation of this transaction will provide significant and immediate realized benefit to our shareholders.”

“We are extremely excited to acquire one of the best‑in‑class healthcare net lease portfolios in the market,” said Marc Zahr, co-president and global head of real assets at Blue Owl. “Michael and the Sila team have curated a highly diversified collection of critically important healthcare assets across the continuum of care, underpinned by strong tenant fundamentals, long‑term triple‑net leases, and robust rent coverage. This transaction provides us with a compelling opportunity to acquire a scaled portfolio with durable cash flows and attractive long‑term growth characteristics, while further expanding Blue Owl managed funds’ exposure to an asset class and sector we view as both resilient and essential given its critical role in both society and the economy.”

News: Sila Realty Trust to be Acquired by Affiliates of Blue Owl for $2.4 Billionto-be-Acquired-by-Affiliates-of-Blue-Owl-for-%242.4-Billion

BlackRock and EQT led consortium agrees $33.4bn AES deal

BY Richard Summerfield

In a landmark deal in the power and utilities space, a consortium led by BlackRock’s Global Infrastructure Partners and Swedish private equity firm EQT AB have agreed to acquire US power company AES Corp for around $33.4bn, including debt.

The deal will see the consortium, which also includes the California Public Employees’ Retirement System ⁠and ​the Qatar Investment Authority, acquire AES for $15 per share in cash, representing a total equity value of $10.7bn and an enterprise value of approximately $33.4bn, including the assumption of existing debt. The transaction represents a 40.3 percent premium to AES’s 30-day volume weighted average share price prior to 8 July 2025, the last full day of trading prior to the first media report of a potential acquisition.

The transaction has been unanimously approved by AES’ board of directors and is expected to close in late 2026 or early 2027, subject to approval by AES stockholders, the receipt of applicable federal, state and foreign regulatory approvals and the satisfaction of other customary closing conditions.

In the absence of a transaction, AES said it would have had to reduce or eliminate dividend payments or make substantial ​new equity issuances. The agreement includes reciprocal termination fees. The consortium will ​pay $100m or ⁠up to about $588m, while AES will pay roughly $321m under specified terms. Upon completion, AES’ units in Indiana and Ohio will remain locally operated and managed utilities.

“Following a rigorous review of strategic options, the AES Board determined that this transaction with the Consortium maximizes value for stockholders and provides compelling cash value,” said Jay Morse, chairman of the board at AES. “We ran a robust process that included several parties and evaluated the transaction with the Company’s standalone prospects in mind. AES has a significant need for capital to support growth beyond 2027, particularly given the significant new investments in both US generation and utilities businesses. In the absence of a transaction with the Consortium, the Company would likely require a plan that includes reduction or elimination of the dividend and/or substantial new equity issuances. After extensive work and deliberation, we concluded that this transaction is in the best interest of AES stockholders.”

“Over the course of our 45-year history of powering industries and shaping the future of energy, AES has built a diverse portfolio to meet the evolving power needs of our customers and communities,” said Andrés Gluski, president and chief executive of AES. “We believe this transaction maximizes value for existing stockholders and positions the Company for long-term success as we continue delivering on our commitments to customers, communities and people. We look forward to partnering with the Consortium, which has expressed an appreciation for the value of AES’ innovation, global reach and diverse portfolio.”

“We are excited to announce our acquisition of AES, a market leader in the power generation and supply business with a long and storied history,” said Bayo Ogunlesi, chairman and chief executive officer of Global Infrastructure Partners. “AES is a leader in competitive generation, and at a time in which there is a need for significant investments in new capacity in electricity generation, transmission and distribution, especially in the United States of America, we look forward to utilizing GIP’s experience in energy infrastructure investing, as well as our operational capabilities to help accelerate AES’ commitment to serve the market needs for affordable, safe and reliable power.”

“As one of the largest energy infrastructure investors globally, we are seeing first-hand the increasing need for a secure energy supply amid expanding power demand worldwide,” said Masoud Homayoun, head of EQT Infrastructure. “EQT’s acquisition of AES will support the growth and modernization of essential energy infrastructure that underpins energy security, electrification, digitalization and resilient power systems across key markets. We look forward to working with the AES team to strengthen its operating platform, including enhancing reliability and long-term competitiveness, while supporting a responsible and sustainable energy transition.”

News: BlackRock, EQT-led group seals $33.4 billion AES deal in bet on AI power boom