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, based in Raleigh, North Carolina and Montreal, develops medical imaging software and digital enterprise workflow solutions with a significant presence in outpatient ambulatory care settings, with cloud-first products designed for radiology and cardiology that extend across both inpatient and outpatient care. Its technology and customer base, spanning more than 1,500 international healthcare organizations that manage over 230 million exams per year and more than 8 billion medical images, will extend GE HealthCare's reach into high-growth specialized clinics and ambulatory care environments, complementing the company's strength in hospital-based imaging. The combined capabilities are expected to create a more comprehensive, cloud-first and AI-enabled imaging offering that helps reduce imaging infrastructure costs and enable faster deployment times, advancing GE HealthCare's aim to triple its offerings of cloud-enabled products by 2028. GE HealthCare expects Intelerad revenue in the first full year of ownership to be approximately US$270 million, of which approximately 90 percent is recurring, with an adjusted EBITDA margin in excess of 30 percent.
Osler, Hoskin & Harcourt LLP acted as Canadian counsel to GE HealthCare, with a team that included Kai Sheffield, Kevin Feng, Alexandra Alacchi, Stephanie Shuter, Keira Chadwick, and Allison Feng (Corporate); Firoz Ahmed, David Davachi, and Alina Tamm (Tax); Shuli Rodal (Competition); Kelly O'Ferrall and Gabrielle Cournoyer (Employment & Labour); Jon Marin and Emily Kim (Pensions & Benefits); Lynne Lacoursière and Sabrina Jackson-Nazareth (Executive Compensation); Adam LaRoche, Maryna Polataiko, and Erika Romanow (Privacy); Kelly Moffatt (IP); Sam Ip and Justin P'ng (Technology); Yan Besner, Vincent Brais, and Jessica Bardakji (Real Estate); Susan Newell and Aya Fahmi (Health); Matthew Kronby (Trade & Foreign Investment); and Sergey Stefanishin and Lynnea Maki (Osler Works – Transactional). Sidley Austin LLP acted as global lead deal counsel for GE HealthCare, with a team that included Dan Belke, Sharon Flanagan, Cat Zhang, Karin Baca, Jackson Drolet, and Dustin Poore.
Skadden, Arps, Slate, Meagher & Flom LLP acted as primary deal counsel for Intelerad, with a team that included Blair Thetford, Richard Youle, Steven Hannah, Nathan Giesselman, Kenneth Schwartz, and Ryan Lowery. McCarthy Tétrault LLP advised Hg on its sale of Intelerad, with a team that included Jonathan See, Hadrien Montagne, Gerald Gaunt, Jordan Chu, and Dinah Holliday (Corporate M&A); Raj Juneja, Darren Chung, and Jeremy Ho (Tax); Oliver Borgers, Alykhan Rahim, and Lucinda Chitapain (Competition); Eugen Miscoi (Privacy); Francis Racine (Employment); Vincent Yip (IP); Lisa Melanson and Jeff Sun (Healthcare); and Robert Glasgow (Trade).