The acquisition comes at a cost of $205 million. Prior to this, Xiaomi already owned 49.91 percent equity in Zimi. With this latest transaction, Zimi becomes the wholly-owned subsidiary of Xiaomi.

Making the announcement, Xiaomi said that the company believes that Zimi’s technology, as well as Research & Development capabilities in the power supply and multiple IoT fields, can improve Xiaomi’s technical competitiveness in the smart field, and achieve product power standardization to save costs.

During 2014 and 2018, the cumulative sales of Xiaomi’s mobile power supply exceeded 100 million units. Zimi has its own lineup in the form of ZMI and the company says that it is committed to high-end smartphone accessories, including chargers, wireless chargers, data cables, smart home appliances, and more.

Zimi was established in the year 2012 as Jiangsu Zimi Electronic Technology Co., Ltd., and in the year 2013, it became a member of the Xioami industrial ecology chain. The company was responsible for the development of Xiaomi mobile power supplies and related products in the category. Zhang Feng, the founder of Zimi, later served as a Partner and Vice President of the Xiaomi Group.

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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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