TikTok dad or mum ByteDance acquires non-public hospital chain

TikTok parent-company ByteDance’s healthcare unit in China, Xiaohe Well being, has acquired a high-end healthcare group referred to as Amcare Healthcare.

Bloomberg said the deal is price $1.5 billion.

Amcare Healthcare was based in Beijing in 2006 and it presents medical providers like maternity care, girls’s well being and pediatrics. It additionally operates Amcare Ladies’s & Youngsters’s Hospital, which is the primary model of Amcare Healthcare in China.

A spokesperson for Xiaohe Well being confirmed the acquisition. The corporate did not instantly clarify why it is increasing into healthcare. However it’s a pattern within the tech sector as firms attempt to discover new methods to serve prospects.

Amazon introduced in July that it’s acquiring One Medical for roughly $3.9 billion. Apple continues to develop within the area. Its Well being app can retailer medical information if a affected person visits a healthcare supplier that helps the system, for instance, and CEO Tim Cook once remarked the corporate’s “best contribution to mankind” shall be “about well being.”