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On March 18, 2026, GE HealthCare (“GE HealthCare”), the Chicago-based health technology company, completed its acquisition of Intelerad, a leading medical imaging software provider for the healthcare industry, for a base purchase price of US$2.3 billion in cash, subject to customary adjustments. The transaction, which had been announced on November 20, 2025, was funded with cash on hand and proceeds from debt financing. Intelerad was acquired from funds managed by private equity firm Hg, which had held a majority interest in Intelerad since 2020. Intelerad will operate within GE HealthCare's Imaging business and continue serving customers in the United States, Canada, the United Kingdom, and Oceania.
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
ClosedClosing Date
18 March 2026