The acquisition may serve as a lifeline for Meizu, which has lagged far behind its rivals as of late.
Chinese car conglomerate Geely's subsidiary Hubei Xingji Shidai Technology officially announced that it has completed the purchase of a 79.09% controlling stake in Meizu on Monday.
Xingji Technology Shidai is dedicated to the research and development of advanced chips, intelligent terminals and full-stack technologies for operating systems, aiming to provide users with an enhanced experience towards high-end smartphones, XR technology products and smart wearables.
After this strategic investment, Meizu will remain as an independent brand and they would collaborate to integrate mobile technologies and provide users with bundled cross-platform services.
Li Shufu, chairman of Geely Holdings, said that the ever-increasing integration of consumer electronics into daily lives was driving demand for interoperability across multiple platforms. The future track of smart cars and smartphones will become an integrated and fused relationship of multiple terminals, full scenes and immersive experiences for common users.
Competitors of MEIZU include OnePlus Technology (Chinese: 一加科技), Smartisan Technology (Chinese: 锤子科技) and Vargo Mobile.