Chinese automaker Zhejiang Geely Holding said a venture run by its founder has completed the purchase of a 79% stake in smartphone brand Meizu.
The two firms will work closely on mobile technologies, the automaker said.
The deal by Hubei Xingji Shidai Technology, which was launched by Geely’s chairman Eric Li last year as part of a push by the automaker into premium smartphones, was first revealed to the public in June via a statement from China’s market regulator.
It did not provide financial details for the deal.
Meizu will continue to operate as an independent brand, under Xingji Technology, and they will look to closely collaborate in areas such as software development, the companies said in a joint statement.
Xingji Technology is currently developing a portfolio of next-generation smartphones, mobile devices and wearable smart devices that will utilise “extended reality” technologies, it added.
- Reuters with additional editing by Jim Pollard