» » » » 👉 Google acquires HTC's Pixel smartphone division in $1.1 billion deal

Google acquires HTC's Pixel smartphone division in $1.1 billion deal. Google and HTC Corporation today announced a definitive agreement under which certain HTC employees - many of whom are already working with Google to develop Pixel smartphones - will join Google. HTC will receive US$1.1 billion in cash from Google as part of the transaction. Separately, Google will receive a non-exclusive license for HTC intellectual property (IP).
Google acquires HTC's Pixel smartphone division in $1.1 billion deal
Google acquires HTC's Pixel smartphone division in $1.1 billion deal
The agreement is a testament to the decade-long strategic relationship between HTC and Google around the development of premium smartphones. This agreement also supports HTC's continued branded smartphone strategy, enabling a more streamlined product portfolio, greater operational efficiency and financial flexibility. HTC will continue to have best-in-class engineering talent, which is currently working on the next flagship phone, following the successful launch of the HTC U11 earlier this year. HTC will also continue to build the virtual reality ecosystem to grow its VIVE business, while investing in other next-generation technologies, including the Internet of Things, augmented reality and artificial intelligence.

For Google, this agreement further reinforces its commitment to smartphones and overall investment in its emerging hardware business. In addition to the talented and experienced team of professionals, Google will continue to have access to HTC's IP to support the Pixel smartphone family. Additionally, this agreement also represents a significant investment by Google in Taiwan as a key innovation and technology hub.

The transaction, which is subject to regulatory approvals and customary closing conditions, is expected to close by early 2018. Evercore served as financial advisor to HTC and Gibson Dunn and Tsar & Tsai acted as legal counsel. Lazard served as financial advisor to Google and Cleary Gottlieb and Lee & Li acted as legal counsel.

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