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Huawei Confirms It is Selling Its Honor Smartphone Brand

Huawei has confirmed its plans to sell its Honor smartphone division. 

According to reports, the Chinese smartphone manufacturer will be selling all of its Honor assets to a newly created consortium with over 30 agents and dealers, some of which include China Telecom and Shenzhen Smart City Development Group, a government-backed entity.  

According to a statement released by the company earlier today, Huawei will no longer have any say in the business or own any of the shares once the acquisition pushes through. The consortium that will be purchasing the smartphone division will soon be legally called Shenzhen Zhixin New Information Technology. 

As reports say, the consortium has valued the Honor brand at $15.2 billion (100 billion yuan). The actual amount, however, was not discussed by Huawei. The company shares that while they are selling their smartphone division, it will not "affect the stability of its executives and talent teams." While there's no guarantee yet that its 7,000 employees will not be let go, there have not been any big layoffs planned out by the company. 

Considering Huawei continues to be in hot water over the political climate in the US, its trade bans have affected the company in the past months. With the consortium's non-involvement in the matter, however, it could just be what the Honor brand needs to change these restrictions. 



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