Huawei reportedly selling Honor to a Chinese consortium for $15 billion
The consortium is led by Honor distributor Digital China and the Shenzhen government.
What you need to know
As per a report from Reuters, Huawei plans to sell its Honor smartphone unit to a consortium led by Digital China in a $15.2 billion deal.
The deal is expected to be announced as soon as Sunday.
Honor reportedly plans to retain most of its 7,000-plus workforce after the sale.
Huawei has decided to sell its Honor smartphone unit to a consortium led by Digital China and the Shenzhen government, according to a new report from Reuters. Per the report, the consortium will be paying Huawei 100 billion yuan ($15.2 billion) for the Honor brand. The deal is likely to be formally announced as soon as Sunday.
The sale will include not just the Honor brand, but also its R&D capabilities and supply chain management. Digital China, which is the main distributor for Honor, will have a near-15% stake in the company after the deal is completed. Digital China has also been working with…