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Herbert Smith Freehills has advised global private equity firm EQT on the sale of diagnostic imaging business I-MED Radiology Network to fellow private equity firm Permira.

I-MED is the leading diagnostic imaging provider in Australia, performing almost five million procedures across 204 clinics every year.

EQT, together with its co-investors GIC and Caisse de dépôt et placement du Québec, acquired I-MED in April 2014. During EQT’s ownership, the I-MED business experienced substantial organic growth, increased scale through multiple add-on acquisitions and invested significantly in new equipment and technology. The sale of I-MED to Permira is reflective of EQT’s positive contributions to the I-MED business throughout its ownership.

The transaction required wide ranging specialist expertise from across the firm, including in the areas of mergers and acquisitions, banking and finance, real estate and health care.

The Herbert Smith Freehills corporate team was led by partner Mark Currell, who was supported by executive counsel Nicole Backhouse, senior associates Jacob Kahwaji and Adam Charles, and solicitors Rebekah Lam and Jill Davis. Partner Hayley Neilson led the finance aspects of the transaction with the support of senior associates John Erbacher and Nikki Smythe.

Herbert Smith Freehills partner Mark Currell said, “We have worked closely with EQT and the I-MED management team for nine months to bring this marathon deal to fruition, and we are delighted with the outcome. A transaction of this size requires no shortage of effort, and the dedication of the EQT, I-MED and Herbert Smith Freehills teams through to completion is to be commended.”

Permira was advised by Latham & Watkins and Clayton Utz.