December 7, 2017 / 12:14 PM / a year ago

Chinese investors agree to buy Italy medical device group Esaote

MILAN, Dec 7 (Reuters) - A group of Chinese investors, including a private equity fund co-founded by Alibaba head Jack Ma, has agreed to buy Italian medical device group Esaote, the company said on Thursday.

No financial details were provided but a source with knowledge of the matter said the deal was based on an enterprise value for Esaote of more than 300 million euros ($354 million).

In a statement, Esaote said the deal would allow it to speed up its growth plans and provide it access to the fast-growing Chinese market.

The investor consortium includes China’s biggest listed diagnostic imaging group Beijing Wandong Medical Technology Co and homecare medical device group Jangsu Yuyue Science & Technology Development Co.

The deal is expected to be wrapped up at the beginning of next year, Esaote said. ($1 = 0.8483 euros) (Reporting by Stephen Jewkes and Massimo Gaia, editing by Steve Scherer)

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