Hg Capital announces US$2.3B sale of Intelerad to GE HealthCare

On November 20, 2025, Hg Capital (“HgT”) announced the sale of Intelerad to GE HealthCare for US$2.3 billion. The transaction represents a full exit for Hg and minority investors TA Associates and Ardan Equity. Under HgT’s ownership, Intelerad achieved significant growth, expanding revenue more than 3.5 times and completing eight strategic acquisitions. McCarthy Tétrault is advising HgT on this transaction, having previously acted as Canadian counsel in HgT’s initial acquisition of Intelerad in 2020.

HgT, based in London, United Kingdom is a private equity investor focused on software and services businesses.

Intelerad, located in Montreal, Quebec is a global healthcare technology company specializing in medical imaging software.

GE Healthcare, headquartered in Illinois, USA is a global leader in healthcare technology, specializing in medical imaging.

McCarthy Tétrault is advising HgT with a team led by Jonathan See, Hadrien Montagne and Gerald Gaunt, Jordan Chu and Dinah Holliday (Corporate M&A) that included Raj Juneja, Darren Chung, Jeremy Ho (Tax), Oliver Borgers, Alykhan Rahim, Lucinda Chitapain (Competition/Antitrust), Eugen Miscoi (Privacy), Francis Racine (Employment), Vincent Yip (IP), Lisa Melanson, Jeff Sun (Healthcare), and Robert Glasgow (Trade).