Huawei plans to take over TD Tech with partners

Do you remember TD Tech? It is the company established back in 2005 that Nokia (51% of the share) and Huawei own completely, and it was the only hope for Nokia to re-enter the phone business, albeit with Huawei’s technology. However, Nokia attempted to sell its stake in the company last year to the Chinese company New Oriental New Materials. The transaction was valued at approximately EUR 283 million, but Nokia eventually withdrew from the deal, which didn’t please the Chinese company. As a result, the two companies had to reach a settlement regarding the withdrawal.

Anyways, according to a report from China’s market authority on Friday, Huawei and its partner have unveiled plans to secure full ownership of TD Tech by acquiring its entire shareholding.

The disclosed terms of the agreement reveal that Huawei, along with Chengdu Gaoxin Investment Group and other collaborators, aims to collectively purchase the 100 percent stake in TD Tech. Following the conclusion of the transaction, Huawei, Chengdu Gaoxin Investment Group, Chengdu Gaoxin Collection Technology Co., Ltd., and Huage Venture Investment Management (Beijing) Co., Ltd. will collectively possess the entire shareholding of TD Tech and manage the company through their jointly established consortium.

 

Source  Ithome.com | Via Suomimobiili