SK Telecom Co Ltd : SK Telecom to Acquire 49% Stake in Chinese Healthcare Company
09/23/2012| 08:56pm US/Eastern
By Kyong-Ae Choi
SEOUL--SK Telecom Co. (017670.SE), South Korea's largest mobile telecom carrier by sales, said Monday it will acquire a 49% stake in China's X'ian Tianlong Science and Technology Co. in a bid to diversify its business portfolio.
"The acquisition is aimed at entering the country's rapidly-growing healthcare market," the company said in a statement, adding it will participate in the Chinese firm's management as the second-largest shareholder.
The South Korean firm didn't disclose the size of its financial investment.
X'ian Tianlong produces medical diagnosis equipment. The China market was worth 1.5 trillion won ($1.3 billion) in 2011 and is expected to grow to KRW6.3 trillion in 2021, said the statement.
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