(MENAFN) Ninebot, a Chinese manufacturer of self-balancing two-wheeled scooters, has bought Segway, months after its US rival filed a complaint alleging it had copied its designs, Arab News reported.
In a joint statement, Beijing-headquartered Ninebot and Segway announced they had completed a strategic combination, with Segway becoming a wholly-owned subsidiary of the private Chinese company.
Chinese Ninebot and US Segway will both continue to operate under their own brand names, they said. The statement did not include any financial terms of the yet-to-complete agreement.
"This strategic combination is a milestone for both Ninebot and Segway. It creates a development opportunity for the short-distance transportation industry," Ninebot's founder and chief executive said.
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