Business

To keep ‘Honor’ intact, Huawei hives off smartphone business

Struggling to keep its consumer business afloat in the wake of the US sanctions, Huawei on Tuesday announced to sell off its Honor smartphone business assets to China-based Shenzhen Zhixin New Information Technology Co Ltd.

migrator

Updated:18th Nov, 2020 at 1:43 AM

New Delhi

It said the sale -- which could be around $15 billion as per multiple reports – will help Honor’s channel sellers and suppliers make it through this difficult time.

Honor smartphones have been hit by US sanctions that prevent Huawei from doing business with the US firms. “Once the sale is complete, Huawei will not hold any shares or be involved in any business management or decision-making activities in the new Honor company,” it said in a statement.

Huawei said the move has been made by Honor’s industry chain to “ensure its own survival.” Over 30 agents and dealers of the Honor brand first proposed this acquisition.

To keep ‘Honor’ intact, Huawei hives off smartphone business

Struggling to keep its consumer business afloat in the wake of the US sanctions, Huawei on Tuesday announced to sell off its Honor smartphone business assets to China-based Shenzhen Zhixin New Information Technology Co Ltd.

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