Chinese telecommunications giant Huawei has announced the sale of the Honor smartphone brand. This is stated in a press release from the company on Tuesday, November 17, reports TASS .
“Huawei has decided to sell all of Honor’s assets to Shenzhen Zhixin New Information Technology,” the press release said. The reason given is the “constant unavailability of technical components” required for the production of mobile devices.
Following the completion of the transaction, Huawei will not own shares or participate in the management and decision-making in the new company Honor, the message says.
Information that Huawei decided to sell the Honor division for $ 15.2 billion in November, appeared on November 10th. At the same time, it was indicated that the giant could not stand the US sanctions. As Reuters reported citing sources, the brand itself, research and development departments, as well as the supply chain. At the same time, the buyer indicated a consortium led by the distributor of smartphones Digital China.
The US suspects the company of collaborating with Chinese intelligence agencies and spying on users. Last year, Washington blacklisted it and denied it the ability to supply technology and components to the US market for deploying 5G networks. Huawei denies the accusations against itself and considers them politically motivated.