CHA Medical Group (CMG) said Wednesday that it has signed a stock acquisition agreement to become the majority shareholder of City Fertility Centre (CFC), a fertility center in Australia.

Under the agreement, CHA Healthcare, a joint-venture between CMG and Singapore Medical Group (SMG), will acquire 65 percent of CFC’s total shares. Since CMG holds 80 percent of CHA Healthcare's shares, the company will become the largest shareholder in CFC.

The medical group will also directly manage and operate seven fertility centers in major Australian cities such as Sydney, Brisbane and Melbourne, and will acquire a variety of business rights such as CFC’s social biobank, a frozen egg storage bank, and genetic testing.

CMG plans to dispatch its medical personnel and researchers to Australia, to help spread the Korean medical wave by applying its advanced technology and system. It also plans to give cross-training opportunities to medical staffs and researchers in Korea and Australia, while collaborating with Cha University to train medical crews and students in its effort to expand its business in U.S., Australia and Singapore.

“The group not only aims to inform the Oceanian country about the excellence of the medical technology accumulated by CMG but also expand its global network,” said Cha Kwang-ryul, head of CHA International Institute for Bioscience. “CMG will also do its best to train excellent medical personnel.”

The medical group also plans to expand its medical network to Southeast Asian countries, including Taiwan, Vietnam and Indonesia, with the advance to Australia as a bridgehead, while establishing additional fertility centers in Spain and the U.S.

Through such moves, CMG aims to become the world's largest IVF (In Vitro Fertilization) group that performs over 50,000 cycles annually by 2022.