November 16, 2020
By David Kirton
SHENZHEN, China (Reuters) – Huawei Technologies Co Ltd is selling its budget brand smartphone unit Honor to a consortium of over 30 agents and dealers, according to a joint statement signed by 40 companies involved in the purchase.
Huawei will not hold any shares in the new Honor company after the sale, according the statement, with the buyers setting up a new company, Shenzhen Zhixin New Information Technology, to make the purchase, the statement said.
The sale represents a “market-driven investment made to save Honor’s industry chain” and the change of ownership will not impact Honor’s development direction, the statement said.
No figure for the deal was given in the statement.
(Reporting by David Kirton; Editing by Sonya Hepinstall)
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