REG - HgCapital Trust PLC - Hg announces the full exit of Intelerad

HgCapital TrustAnnouncement

Today 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20251121:nRSU4492Ia&default-theme=true

RNS Number : 4492I  HgCapital Trust PLC  21 November 2025

Hg, the Manager of HgCapital Trust plc ("HgT"), today announces a full exit of
Intelerad, a global leader in medical imaging software solution, to GE
Healthcare.

 

The terms of the transaction have not been disclosed.

 

HgT, whose shares are listed on the London Stock Exchange, gives private and
institutional investors the opportunity to participate in all Hg's
investments.

 

This transaction values HgT's investment in Intelerad at approximately £52
million. This would represent an uplift of £20 million (62% or 4.4 pence per
share) over the carrying value of £32 million in the pro-forma Net Asset
Value ("NAV") of HgT at 30 September 2025.

 

Note that these figures only relate to HgT's share of Hg's overall investment
in Intelerad.

 

Based on the pro-forma 30 September 2025 NAV, the new pro-forma NAV of HgT is
expected to be £2.5 billion (or 553.9 pence per share).

 

HgT's liquid resources available for future deployment (including all
announced transactions, the interim dividend paid in October 2025, and the
available balance on the bank facility) are estimated to be £402 million (16%
of the pro-forma 30 September 2025 NAV of £2.5 billion).

 

HgT's outstanding commitments to invest in Hg transactions are approximately
£1.7 billion (68% of the pro-forma 30 September 2025 NAV).

 

Hg agrees sale of Intelerad to GE HealthCare in $2.3 billion transaction

 

·    During Hg's ownership, Intelerad has increased its revenue by over
3.5 times, transforming it into one of the world's leading enterprise imaging
platforms.

 

·    GE HealthCare and Intelerad will empower radiologists and clinicians
to work more efficiently, by streamlining imaging workflows and enabling
greater diagnostic throughput.

 

·    Intelerad's AI-powered platform, including its InteleGence solution,
expands GE's digital offering combining Intelerad's AI expertise with GE's
commitment to innovation.

 

·    Transaction values Intelerad at $2.3 billion.

 

Hg, a leading investor in European and transatlantic software, services, and
data businesses, today announced that it has agreed the sale of Intelerad, a
global leader in medical imaging software solutions, to GE HealthCare in a
transaction valued at approximately $2.3 billion. As a result of the
transaction, Hg will fully exit its majority shareholding in Intelerad. TA
Associates and Ardan Equity, will also exit minority positions in the
business.

 

Together, GE HealthCare and Intelerad will empower radiologists and clinicians
to work more efficiently, by streamlining imaging workflows and enabling
greater diagnostic throughput. The combined organisation aims to enhance
productivity and patient outcomes through a connected, cloud-enabled offering
that unites imaging data across healthcare settings and provides clinicians
with actionable insights at the point of care.

 

As GE HealthCare continues to accelerate its digital transformation, Intelerad
will support this, bringing deep expertise in developing and embedding AI
within their enterprise imaging solutions. This shared commitment to
innovation strengthens GE HealthCare's position as a digital leader, enhancing
operational efficiency and clinical integration across care environments.

 

Hg partnered on the original Intelerad investment with Ardan Equity.  During
Hg's ownership, Intelerad has increased its revenue by over 3.5 times,
transforming it into one of the world's leading enterprise imaging platforms.
The business now serves 1,500+ global customers, supports over 230 million
exams per year, and manages 8 billion medical images across its network.

 

Jordan Bazinsky, Chief Executive Officer at Intelerad, said: "This marks an
exciting new chapter for Intelerad and our customers. By joining GE
HealthCare, we can combine our innovative, cloud-based imaging solutions with
GE's global reach and scale. We're grateful to Hg for their strategic support
over the past five years. Together we've made major strides in product
innovation, executed eight acquisitions, and expanded into new customer
segments. This has given us a strong foundation for this next step in our
journey with GE Healthcare as we accelerate our vision for a truly connected
ecosystem for clinicians and improve patient care through smarter, faster, and
more collaborative technology."

 

Hg has also supported Intelerad across product innovation - including the
launch of InteleGence, Intelerad's AI platform; eight strategic acquisitions -
substantially broadening its product suite into a comprehensive enterprise
imaging platform that includes radiology, cardiology, mammography, image
exchange, and image storage; and with investment in Intelerad's leadership and
operational scale - recruiting and strengthening the management team and
enabling the company's next phase of growth.

Hector Guinness and Laura Grattan, Partners at Hg, commented: "Our partnership
with Intelerad has been an outstanding journey of innovation, growth, and
leadership in healthcare technology. We are incredibly proud of what the team
has achieved and are confident that joining GE HealthCare will allow Intelerad
to continue expanding its impact on global healthcare delivery."

 

Dr Katherine Wiles, Principal at Hg, added: "The digital transformation of
healthcare is accelerating, driven by intelligent software that connects
clinicians, patients, and data. Intelerad has been at the forefront of this
shift, enabling faster, more informed clinical decisions through innovation
and integration. I'm delighted to have supported that mission and I'm excited
to see how the combination of Intelerad's imaging software expertise and GE's
commitment to innovation continues to drive improved patient outcomes."

 

For GE HealthCare, Evercore is serving as financial advisor and Sidley Austin
LLP as deal counsel. For Intelerad, UBS Investment Bank is serving as
exclusive financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP
as deal counsel.

 

-Ends-

 

For further information, please contact:

HgCapital Trust
Laura Dixon

laura.dixon@hgcapital.com (mailto:laura.dixon@hgcapital.com)

+44 78 2459 2894

 

George Crowe

george.crowe@hgcapital.com (mailto:george.crowe@hgcapital.com)

+44 7774 617 150

 

Cadarn
Lucy Clark
lucy@cadarncapital.com (mailto:lucy@cadarncapital.com)

+44 (0)7984 184 461

 

David Harris
david@cadarncapital.com (mailto:david@cadarncapital.com)

+44 (0)7368 883 211

 

Hg
Tom Eckersley

tom.eckersley@hgcapital.com (mailto:tom.eckersley@hgcapital.com)

 

Sam Ferris

sam.ferris@hgcapital.com (mailto:sam.ferris@hgcapital.com)

 

About HgCapital Trust plc

HgCapital Trust plc is an investment company whose shares are listed on the
London Stock Exchange (HGT.L). HGT gives investors exposure, through a liquid
vehicle, to a portfolio of high-growth unquoted companies, managed by Hg, an
experienced and well-resourced private equity firm with a long-term track
record of delivering superior risk-adjusted returns for its investors.

 

For further details, see hgcapitaltrust.com (http://hgcapitaltrust.com) and
hgcapital.com (http://www.hgcapital.com)

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCPPGCGGUPAPUU



            Copyright 2019 Regulatory News Service, all rights reserved