According to the Chinese resource ITHome, citing several independent sources, the Geely Group is going to acquire the well-known smartphone manufacturer Meizu. Both companies are in close contact. “Transaction in progress, due diligence‘ said several people familiar with the situation.
The price of the deal has not been announced, but Li Shufu, founder and chairman of Geely Holding Group, has previously said the company intends to invest 10 billion yuan (about $1.6 billion) in mobile technology. Meizu is still a prominent player in the smartphone market in China, but the company’s sales have recently fallen sharply – now they are only a tenth of the maximum shown a few years ago.