Huawei

Huawei sold the Honor brand to a consortium of 40 companies


After weeks of rumors, Huawei has confirmed the sale of the Honor brand to new owners. According to TechCrunch, the buyers will be a consortium of 40 different companies. The information is confirmed by Reuters sources. The cost of the deal was not disclosed.

Huawei

Huawei will divest its Honor shares entirely to get the company out of the hands of US sanctions. A new company called Shenzhen Zhixin New Information Technology was established to own the brand.

‚ÄúThis acquisition represents a market investment aimed at rescuing the Honor brand. This is the best solution to protect the interests of consumers, sellers, suppliers, partners and company employees “, – said in a statement signed by the buying companies.

In 2019, the US authorities included Huawei on a blacklist of companies with which American manufacturers are prohibited from doing business. The reason was accusations of espionage and collection of confidential information. Because of this, the company lost its suppliers of chips and software. According to Huawei’s financial report for the third quarter of 2020, this led to a slowdown in growth.

In early November, it became known about the possible sale of the Honor brand. The deal is valued at $ 15.2 billion. The sale includes the brand, research and development departments of the company, and everything else.

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