Smartphone manufacturer Xiaomi paid about $205m for a 1.29% stake in China-based electrical appliance maker Midea Global as part of a strategic partnership agreement, Technode reported on Sunday.
Founded in 1968, Midea manufactures a wide range of products from air conditioning units to lighting and kitchen appliances, and has recently begun to introduce smart home products to its offering.
The deal was struck as part of a strategy through which Xiaomi will invest in 100 hardware manufacturers with a view to selling their products on its online store. Companies with which it has already formed alliances include wearables producers iHealth and Misfit.