Asia Tech Wire (July 3) -- South Korea's LG Electronics announced Wednesday that it has acquired an 80% stake in Dutch smart home platform company Athom.

LG Electronics also plans to acquire the remaining 20% stake over the next three years.

According to KED Global, LG Electronics did not disclose the value of the deal, but sources estimated it to be around 85 billion won ($61 million).

Athom sells "Homey," a smart home control center that connects home appliances and Internet of Things devices, as well as a cloud subscription service.

As of 2023, Homey devices are available in Australia, Singapore, the U.S. and Canada, and Europe.