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On November 20, 2025, GE HealthCare announced its acquisition of Intelerad, a medical imaging software provider, for $2.3 billion USD (approximately $3.2 billion CAD) in an all-cash transaction. The acquisition is expected to close in the first half of 2026, subject to regulatory approvals and customary closing conditions. GE HealthCare intends to fund the transaction using cash on hand and debt financing.
Intelerad generated estimated revenues of approximately $270 million in the first full year of ownership, with approximately 90 percent recurring revenue and an adjusted EBITDA margin exceeding 30 percent. The company, founded in Montreal in 1999, offers cloud-based diagnostic viewing, reporting, archiving, and collaboration tools serving over 1,500 healthcare organizations globally. This acquisition expands GE HealthCare's presence into high-growth outpatient and ambulatory care settings while accelerating its shift toward a software-as-a-service business model.
Financial advisors for GE HealthCare were Evercore and Sidley Austin LLP as deal counsel. Osler, Hoskin & Harcourt LLP served as Canadian counsel. For Intelerad, UBS Investment Bank acted as financial advisor with Skadden, Arps, Slate, Meagher & Flom LLP as deal counsel. Upon close, the transaction is expected to be immediately accretive to top-line growth and adjusted EBIT margin, though slightly dilutive to adjusted earnings per share in the near term. GE HealthCare anticipates achieving a high-single-digit return on invested capital by year five.
Parties
Company
GE Healthcare Technologies Inc.
Company
Intelerad
Company
Hg Capital
Deal Type
Merger & AcquisitionIndustry
HealthcareTransaction
$ 3,200,000,000Deal Status
ActiveClosing Date