Chinese manufacturer Huawei has announced that it is selling its Honor smartphone brand.
The buyer was a consortium of companies that set up a new venture to complete the deal. It was named Shenzhen Zhixin New Information Technology Co., Ltd. He will now officially own the brand, development and research department, supply chain and all of Honor’s assets, including a staff of more than 7,000 people. The amount of the deal was not disclosed, but according to the news agency Reuters, it is about 100 billion yuan. That’s about $15.2 billion.
After the transfer of all assets, Huawei will not own shares or participate in the management of the business. This will help the brand avoid US sanctions. By the way, according to rumors, the new owner does not plan to change the strategy, so Honor will most likely continue to develop in the same direction.
Huawei created the Honor brand in 2013. The manufacturer focused on the production of youth devices in the budget and mid-budget segment. For 7 years on the market, Honor has managed to ship more than 70 million devices worldwide.