- Huawei is in talks with Digital China Group and other buyers to sell parts of its Honor smartphone business, Reuters reported.
- The deal could be worth up $3.7 billion, a person familiar with the matter told Reuters.
- The Chinese tech giant, facing heavy US sanctions, wants to concentrate on its high-end Huawei phones from now on, sources said.
- Other potential buyers include smartphone maker Xiaomi and TCL Technology, the report said.
- Visit Business Insider’s homepage for more stories.
Huawei is in talks to sell parts of its Honor smartphone business in a deal which could fetch up to 25 billion yuan ($3.7 billion), Reuters reported.
Huawei, which faces heavy sanctions in the US, wants to step away from developing its low-cost Honor phones and instead concentrate on high-end Huawei devices, according to people familiar with the matter.
Digital China Group, the main distributor for Honor smartphones, is the frontrunner to land the deal, the people told Reuters.
It is competing with smartphone manufacturer Xiaomi Corp and Chinese electronics company TCL Technology, they said.
Honor’s brand, research and development capabilities, and its supply chain management business could be included in the deal according to two of the people.
One of them said that the deal could be an all-cash sale, worth between 15 billion yuan ($2.2 billion) and 25 billion yuan ($3.7 billion).
Huawei was put on the US’ Entity List in May 2019. This means that American companies are banned from doing business with Huawei, and can only trade with it if they get special permission from the Trump administration.
Digital China, TCL, and Xiaomi did not immediately respond to requests for comment. Huawei declined to comment.
By Julie Zhu
HONG KONG (Reuters) – Huawei Technologies Co Ltd is in talks with Digital China Group Co Ltd <000034.SZ> and other suitors to sell parts of its Honor smartphone unit in a deal that could fetch up to 25 billion yuan ($3.7 billion), people with knowledge of the matter said.
Embattled Huawei is resetting its priorities in the face of U.S. sanctions and will focus on its higher-end Huawei phones rather than the Honor brand which is aimed at young people and the budget conscious, they said.
The assets to be sold have yet to be finalised but could include Honor’s brand, research & development capabilities and related supply chain management business, two of the people said.
The deal may be an all-cash sale and could end up smaller, worth somewhere between 15 billion yuan and 25 billion yuan, one of the people said.
Digital China, the main distributor for Honor phones, has emerged as the frontrunner but other prospective buyers include Chinese electronics maker TCL and rival smartphone maker Xiaomi Corp <1810.HK>, the people said.
The sources declined to be identified as the talks were confidential.
Huawei and TCL declined to comment. Digital China and Xiaomi did not respond to requests for comment.
The Honor brand was established by Huawei in 2013 but the business mostly operates independently from its parent. It competes with Xiaomi, Oppo and Vivo in China’s highly competitive budget phone market and its phones are also sold in Southeast Asia and Europe.
Kuo Ming-chi, an analyst at TF International Securities, has said that any sale by Huawei of the Honor smartphone business would be a win-win situation for the Honor brand, its suppliers and China’s electronics industry.
“If Honor is independent from Huawei, its purchase of components will no longer be subject to
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