Jardine Matheson Holdings' (SGX:J36) purchase of Australia-based I-Med Radiology Network improves its business portfolio, S&P Global Ratings said in a Thursday release.

S&P expects the Hong Kong-based conglomerate to boost the acquired firm's growth, given its push for expansion spending and efforts to navigate new markets.

I-Med will yield an annual EBITDA growth of between 10% and 15% in its share of Jardine's portfolio, parallel to its 12% reported EBITDA growth over the five years to end-June 2025, S&P said.

Organic growth amid a rise in the Australia and New Zealand medical imaging markets, network expansion in these markets, and progress in technology and AI tools will serve as growth drivers, S&P said.

Jardine's debt-to-EBITDA ratio should remain under 2x after the acquisition's completion amid organic growth and likely asset sales, S&P said.