NEW DELHI: Chinese internet conglomerate LeEco has purchased 11 per cent more shares of telecommunications equipment company Coolpad, becoming its largest shareholder.
LeEco bought the shares from Data Dreamland, the former largest shareholder of Coolpad, for $135 million. After the transaction, LeEco holds a total 28.9 per cent of Coolpad's shares and becomes the largest shareholder of China's top four domestic mobile brand.
According to the company, the integration would help Coolpad's products to align with LeEco's ecosystem model -- platform, content, terminal and application.
By this April, LeEco sold more than 10 million smartphones and its second-quarter single-month sales have exceeded two million units. The company said this number is expected to be over three million in the third quarter.
This link-up would also allow the LeEco's ecosystem model to integrate with Coolpad's near-billion intelligent terminals within a very short time helping the company boost its sales in North America, Europe, Asia and Africa.
LeEco would also ingrain its ecosystem model into Coolpad's smart devices, 50 per cent of which could be converted to LeEco's ecosystem-based users.
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