Xiaomi has just acquired a 27.44 percent stake in Zimi International Corp. The smartphone vendor entered into an agreement with the popular power bank maker with a cash and share deal.
Xiaomi will be buying the stake for a sum total of 102.84 million US Dollars. Out of this, 25.78 million US Dollars will be paid in cash while the rest will be through shares. The Chinese tech giant made the announced earlier this week, on Thursday (21st May 2020). Zimi is a known consumer product manufacturer with various smart products under its belt, including mobile accessories and even IoT gadgets (Internet of Things).
Apart from the 25.78 million US Dollar cash payment, Xiaomi is offering 54,379,044 shares to Zimi Corp. Both companies have had a close relationship, with the Vice President of Xiaomi Group, Zhang Feng, who was also responsible for the founding of Zimi Corp. Since then, Zimi has become a close partner within Xiaomi’s ecosystem.
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