Chinese company Ninebot has bought Segway, the US maker of the eponymous two-wheeled vehicle that has regularly grabbed headlines but failed to match its early hype.
Gao Lufeng, chief executive, said Ninebot bought its US rival for an undisclosed sum but said at the same press conference in Beijing that it had secured $80m in investment from Xiaomi, a Chinese phonemaker, and Sequoia Capital, the venture capital firm.
Rod Keller, Segway president, who filed a legal complaint against Ninebot and other Chinese companies last September for alleged patent infringement, welcomed the deal.
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