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Facebook reportedly approached to invest in Xiaomi smartphone maker

Facebook and Xiaomi reportedly met to discuss potential investment opportunities, but a deal was never finalized
By: Michael Hatamoto | Mobile Devices, Tablets & Phones News | Posted: Jan 12, 2015 7:12 pm

Smartphone maker Xiaomi reportedly met with No. 1 social networking site Facebook about potential investment opportunities in late 2014. It appears a deal between Facebook CEO Mark Zuckerberg and Xiaomi CEO Lei Jun didn't happen, but reveals how serious Xiaomi is to expand into the United States and other lucrative western markets.

 

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Xiaomi, the No. 3 smartphone manufacturer in the world, and Facebook showed initial interest - but political and commercial roadblocks would have occurred, as Facebook is banned inside of China. Since the deal couldn't be put together, Xiaomi collected $1.1 billion from Chinese investors - and the company's valuation is now estimated at $45 billion.

 

"Facebook wants to get into China, and Xiaomi is keen to expand outside, so they both recognize the importance of working together," an unnamed source told Reuters.

NEWS SOURCES:Reuters.com, Techdiem.com

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