TikTok owner buys one of the largest private clinic chains in China for $1.5 billion
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Chinese tech giant ByteDance, which owns the video service TikTok, has bought out Amcare Healthcare, which owns a chain of expensive clinics in China, thereby expanding its presence in the healthcare market. reported Bloomberg agency. It is clarified that in total Amcare Healthcare manages 14 medical facilities specializing in the treatment of women and children.
It is reported that the deal amounted to $ 1.5 billion, before that the company owned only 30.5% of the shares of the network. The network is now 100% owned by two subsidiaries of ByteDance.
It is specified that this is the largest transaction in the Chinese technology industry since the end of 2020, when regulators began to clamp down on “chaotic expansion of capital” and prevented the large acquisitions that Alibaba and Tencent were making to dominate new markets.
At the same time, ByteDance is not the first major technology company to enter the medical services market. In particular, in July, Amazon closed a deal to buy One Medical Corporation (polyclinic and ambulance services) for $3.49 billion. Other companies, including Apple, are also showing interest in the healthcare market.
ByteDance is also developing its Xiaohe online medical service, which competes with Alibaba Health Information Technology and Ping An Healthcare and Technology in the online consultation and wellness market. According to Bloomberg estimates, the volume of this sector reaches $89 billion.
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