TAIPEI: Alphabet Inc’s Google is set to announce a deal to acquire part of Taiwanese firm HTC Corp’s smartphone operations for about US$1 billion, a source with direct knowledge of the matter said on Thursday. The deal will not involve the purchase of a direct stake and HTC will continue to run its remaining smartphone business, the source said, declining to be named as the information has not been publicly announced. HTC is a long-time partner of Google and manufactures the US firm’s latest Pixel smartphone. HTC, which once sold one in 10 smartphones globally, has seen its market share dwindle sharply in the face of heated competition from Apple Inc, Samsung Electronics Co and Chinese rivals. The stock has fallen 12 percent so far this year and the company is worth around US$1.9 billion.

Source: New Strait Times September 21, 2017 01:52 UTC