Huawei reportedly set to sell Honor budget phone division for $15B –
Summary
Following weeks of rumors surrounding a potential sale, Huawei has reportedly struck a deal to divest itself of its Honor brand. A new report out today from Reuters notes that the embattled hardware maker will sell the budget unit to a consortium of buyers that includes the government of the city of Shenzhen and Digital China, a phone distributor. Honor’s new owners will reportedly keep much of the brand’s 7,000 employees (management included) in tact, with plans to take the company public in around three years. It seems clear from Huawei’s decision to press on with the all-cash deal that the company doesn’t believe its international fortunes will change immediately under a new U.S. president. Huawei’s inability to access technologies from companies like Google have proven to be a major hit for the world’s second largest phone maker.
