SK Telecom Co., South Korea’s top mobile carrier, said Monday it has purchased a major stake in a Chinese medical equipment maker as part of its efforts to enter the world’s No. 2 economy.
Under the deal with Xian Tianlong Science and Technology Co., SK Telecom acquired a 49 percent stake in the Chinese healthcare venture, the company said in a statement. The financial terms were undisclosed.
“SK Telecom plans to provide its management expertise to Tianlong and cooperate on research and development to strengthen its healthcare business,” said a company executive.
SK Telecom has been trying to bolster its healthcare business in efforts to find new growth engine to counter stagnant growth in the local wireless market.
The top mobile carrier has set up a division dedicated to the healthcare business and established a joint venture with Seoul National University. No. 2 mobile operator KT Corp. has also followed suit by teaming up with the medical division of Yonsei University.
Xian Tianlong Science and Technology, founded in 1997 by Xian Jiaotong University professors, focuses on production and sales of medical equipments and reagents. (Yonhap News)
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