Huawei Technologies Co Ltd [HWT.UL] is selling its budget brand smartphone unit Honor to a consortium of over 30 agents and dealers in a bid to keep it alive, the company and the consortium said– Reuters reported.
Huawei will not hold any shares in the new Honor company after the sale, the statement said.
In Huawei’s statement, the company said its consumer business has been under “tremendous pressure” due to the “persistent unavailability of technical elements” for its phone business.
According to Reuters, the change of ownership will not impact Honor’s development direction. No figure for the deal was given.
