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Geely founder's venture completes purchase of majority stake in China's Meizu

SHANGHAI, July 4 (Reuters) - A venture run by the founder of
Chinese automaker Zhejiang Geely Holding  GEELY.UL  announced on
Monday it has completed the purchase of a 79.09% stake in
smartphone brand Meizu, and that the two firms would work
closely on mobile technologies.
    The deal by Hubei Xingji Shidai Technology Co Ltd, 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. 
    

 (Reporting by Josh Horwitz; Editing by Muralikumar
Anantharaman)
 ((Josh.Horwitz@thomsonreuters.com; +86 21 20830007;))

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