A statement from China’s antitrust regulator said Zhejiang Geely Holding plans to buy 79% of Meizu through its subsidiary Hubei Xingji Shidai Technology. Both companies confirm that they have signed the agreement, but are still discussing some details while regulators confirm the acquisition.

This was reported by Reuters.

The amount of the agreement is not disclosed. Things have not been going well for Meizu lately, which was hard to say about its competitors with Xiaomi, Oppo, and Vivo. And here Geely became interested in the company. Xingji Shidai launched by Geely Chairman Eric Li.

The plan is to enter the smartphone market by 2023 and sell 3 million devices. The project has an investment of $1.55 billion and is expected to raise the same amount each year.

Reuters commented on the deal at Geely, saying there was a “close link in technology” between car dealerships and smartphones. Other carmakers at Geely also have stakes in Volvo, Polestar, and Lotus. Let’s hope that with the acquisition of Meizu the company will not limit itself to just releasing smartphones, but will also find new interesting solutions in the integration with the car.