Reports: Xiaomi to buy Youmi

Xiaomi Corp is reportedly acquiring Youmi, a South Korean retailer, as the Chinese smartphone maker looks to compete with Samsung Electronics Co Ltd on the latter's home turf.

Xiaomi will buy parts of shares of Youmi, an official retailer of its hardware in South Korea, as part of a memorandum of understanding the two sides have inked, China Business Network said in a report on Wednesday.

Under the agreement, Xiaomi and Youmi will complete details of the investment conditions as soon as possible and formally sign the stock purchase agreement.