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China's Alibaba to invest $590 million in smartphone maker Meizu
February 9, 2015 / 1:26 AM / in 3 years

China's Alibaba to invest $590 million in smartphone maker Meizu

The logo of the Alibaba Group is seen inside the company's headquarters in Hangzhou, Zhejiang province November 11, 2014. REUTERS/Aly Song

BEIJING (Reuters) - Chinese e-commerce giant Alibaba Group Holding Ltd said in a statement on Monday it will buy a minority stake in domestic smartphone maker Meizu Technology Co for $590 million (387 million pounds).

Alibaba didn’t disclose how much of the privately owned handset maker it will acquire.

The deal will help Alibaba push its mobile operating system within China through Meizu’s handsets, while giving Meizu access to Alibaba’s e-commerce sales channels and other resources, the companies said in a joint statement.

Reporting by Paul Carsten; Editing by Kenneth Maxwell

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