ByteDance’s healthcare subsidiary in China, Xiaohe Health, has paid $1.5 billion for Amcare Healthcare, a high-end healthcare firm.
Amcare Healthcare was founded in 2006 in Beijing and provides medical services including as maternity care, women’s health, and paediatrics.
TikTok parent firm ByteDance’s healthcare subsidiary in China, Xiaohe Health, has purchased Amcare Healthcare, a high-end healthcare organisation.
Bloomberg said the deal is worth $1.5 billion.
Amcare Healthcare was founded in 2006 in Beijing and provides medical services including as maternity care, women’s health, and paediatrics. It also runs Amcare Women’s & Children’s Hospital, which is Amcare Healthcare’s primary brand in China. The transaction was verified by a Xiaohe Health spokesperson.
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The firm did not explain why it is moving into healthcare right now. However, it is a trend in the IT industry as companies seek new ways to service customers. Amazon said in July that it will buy One Healthcare for around $3.9 billion.
Apple’s presence in the industry is growing. Its Health app, for example, may save medical records if a consumer visits a healthcare provider that supports the system, and CEO Tim Cook has previously said that the company’s “biggest gift to humanity” would be “about health.”
