TikTok parent ByteDance acquires private hospital chain in China for $1.5 billion
TikTok parent company ByteDance Ltd has acquired one of China’s largest private hospital chains, Amcare Healthcare, deepening a foray into health care via one of the largest domestic tech deals since Beijing’s internet crackdown.ByteDance paid about 10 billion yuan ($1.5 billion) to take full ownership of the high-end healthcare organization Bloomberg reported citing a person familiar with the matter
TikTok parent company ByteDance Ltd has acquired one of China’s largest private hospital chains, Amcare Healthcare, deepening a foray into health care via one of the largest domestic tech deals since Beijing’s internet crackdown.ByteDance paid about 10 billion yuan ($1.5 billion) to take full ownership of the high-end healthcare organization Bloomberg reported citing a person familiar with the matter.
Amcare Healthcare was founded in Beijing in 2006 and offers medical services like maternity care, women’s health and pediatrics. It also operates Amcare Women’s & Children’s Hospital, the leading brand of Amcare Healthcare in China.
Although a spokesperson for ByteDance’s Chinese healthcare unit, Xiaohe Health, confirmed the acquisition, the company didn’t immediately explain why it’s expanding into healthcare.
However, the recent trend shows that tech companies are expanding into the healthcare sector.
Last month, Amazon.com Inc (NASDAQ: AMZN) said it is acquiring One Medical for roughly $3.9 billion.
Apple Inc (NASDAQ: AAPL) continues to expand in the space with its Health app can store medical records if a patient visits a healthcare provider that supports the system.
Picture Credit: GeekWire
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