ECARX (ECX) said Monday it has agreed to acquire the full Flyme software business portfolio, including the Flyme Auto in-vehicle cockpit operating system and a cross-device Flyme operating system, for 1.8 billion Chinese renminbi, or about $266 million, in cash.

According to the company, the acquisition is expected to be funded with a mix of about 70% from syndicated bank loans from Chinese commercial banks and about 30% from internal sources.

Under the terms of the agreement, 30% of the payment is due within 30 days after signing, with the remaining 70% payable within 30 days after completion of the equity transfer.

Following the closing, ECARX has committed to support the acquired entity with a 200 million renminbi capital injection.

Upon completion of the deal, ECARX will operate Flyme as an independent software division.