Ninebot buys Segway to gain edge in personal electric vehicle market

Segway Inc, the United States-based short-distance personal electric vehicle maker, is now a Chinese company thanks to smartphone maker Xiaomi Corp and its co-founder Lei Jun.

Segway's Chinese rival, Ninebot Inc backed by Xiaomi, said on Wednesday it is acquiring the New Hampshire-based brand for an undisclosed amount. The US company will become a fully owned subsidiary of Ninebot, and the two companies will continue to serve the market through their own brands and products, according to the terms of the agreement.

Gao Lufeng, founder and chief executive of Ninebot, said the buyout enables the company to incorporate a series of new technologies into its future products.