Zhejiang Geely Holding, the satellite-to-automobile group controlled by billionaire Li Shufu, has purchased a majority stake in Chinese smartphone maker Meizu Technology, according to a report that cited an announcement from the State Administration of Market Regulation, reports Bloomberg.
Geely unit Hubei Xingji Shidai Technology bought a 79% interest in Meizu from Meizu’s founder and a unit of Alibaba Group Holding, the report, which didn’t give a value of the transaction, said on Tuesday. Speculation that Geely was in talks to acquire the mobile phone maker surfaced earlier this year.
For Geely, adding a smartphone maker to its stable comes as cars morph from mere forms of transport into electric, internet-connected and autonomous vehicles powered by highly sophisticated technology.
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