Huawei is selling its budget brand smartphone unit Honor to a consortium of more than 30 agents and dealers in a bid to keep it alive, the company and the consortium said on Tuesday.
The deal comes after US government sanctions have restricted supplies to the Chinese company on grounds the firm is a national security threat — which it denies.
The consortium issued a statement on Tuesday announcing the purchase, which 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.
The original full article can be found at businessinsider.com
(Photo: REUTERS/Toby Melville)