Street Talk

Global buyout firm steamrolls auction for Permira’s I-MED

Sarah Thompson, Kanika Sood and Emma Rapaport

May 4, 2025 – 3.43pm

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Stonepeak, a New York-headquartered infrastructure and real assets investor with about $US73 billion ($113 billion) under management, is coming for Australia’s largest radiology business.

Street Talk understands Stonepeak has been in talks to acquire I-MED – on track to make $1.35 billion revenue and $230 million EBITDA in the year to June 30 – since at least March. While it is not known if Stonepeak has secured exclusivity over the asset, negotiations are said to be well advanced.

Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones.

Kanika Sood is a journalist based in Sydney who writes for the Street Talk column.

Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review.