Huawei Technologies Co Ltd is selling its budget brand smartphone unit Honor to a consortium of over 30 agents and dealers in a bid to keep it alive, the company and the consortium said on Tuesday. The consortium issued a statement on Tuesday announcing the purchase will be made via a new company, Shenzhen Zhixin New Information Technology. Huawei will not hold any shares in the new Honor company after the sale, the statement said. One source said on Tuesday the US government will have no reason to apply sanctions to Honor after it separates from Huawei. It also sells phones in Southeast Asia and Europe, and ships 70 million units annually, according to the Huawei statement.

Source: dna November 17, 2020 03:29 UTC