Walmart is buying massage oil maker GuaShas, a Chinese company that makes products for massage therapy, for $8.9 billion.
Walmart says the investment in the company will help it expand its range of wellness products in Asia and build on its strategic partnerships in the region.
GuaSHas is best known for its massage oil, but it has also made products for body massages, skin massages and skin rejuvenation, among other products.
The company has also worked with massage therapy clinics and health centers in the U.S. and other countries.
The move is expected to bolster GuaSHAs global sales by more than $1 billion in the next two years.
In 2018, the company said it generated revenue of $2.4 billion in China.
Walmart will use its $8 billion in cash and stock to acquire Gua SHas, including the right to use the name Gua Sha.
It also expects to acquire additional Gua Shas assets in the coming years.
Walmart said it will use the Gua Shan business to “expand its global footprint of health care services and to help support the Chinese market.”
It said the deal is subject to customary closing conditions and regulatory approvals.
Walmart CEO Doug McMillon said the company is investing in health care as part of its strategy to build an increasingly global economy.
He said the acquisition of Guashas will enable Walmart to expand its global reach, increase its investments in health, and provide a competitive advantage for its associates and suppliers in the healthcare and other services industries.
Walmart plans to start offering its Gua Shine brand in 2019 and a similar brand in 2020.