Chinese manufacturer Huawei has announced that it is selling its Honor smartphone brand.
What is known
The buyer was a consortium of companies thatfounded a new venture to complete the deal. It was named Shenzhen Zhixin New Information Technology Co., Ltd. It is he who will now officially own the brand, the development and research department, the supply chain and all Honor assets, including a staff of more than 7,000 people. The amount of the deal is not disclosed, but according to the Reuters news agency, we are talking about 100 billion yuan. This is about 15.2 billion dollars.
After the transfer of all assets, Huawei will notown shares and participate in the management of the business. This will help the brand avoid US sanctions. By the way, according to rumors, the new owner does not plan to change the strategy, so Honor will most likely continue to develop in the same direction.
In case you didn’t know
Huawei created the Honor brand in 2013.The manufacturer focused on the production of youth devices in the budget and mid-budget segment. Over the course of 7 years, Honor has managed to ship more than 70 million devices worldwide.
Source: Huawei
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