Huawei has announced the Honor smartphones new owner

Huawei is still in a difficult situation since it was included in the list of companies boycotted by the US Department of Commerce, and despite the company’s efforts to survive against all conditions, it ended up having to sell part of its subsidiaries to maintain its presence in the market, which is Honor It intends to sell Honor to the Chinese conglomerate owned by Digital China and the Shen Zhen government for 100 billion yuan ($15.2 billion). Huawei will officially announce the deal next Sunday.

However, with the completion of the deal, the digital China Group will be the second largest shareholder in Honor with a share representing 15% of the company, and digital China plans to fund the bulk of the transaction with bank loans as well as at least three investment companies backed by the Shen Zhen government, each one Of which, it will own a stake representing 10-15%, and Honor plans after the completion of the deal to retain its management team and more than 7000 of its workers and to return to launch within a period of 3 years, but so far no official party has announced the details of the deal and we expect the details to be published. When Huawei announced the deal at the end of this month.

Selling Honor will help Huawei recoup some of the company’s expenses, and in addition to allowing Honor to get out of the US sanctions circle, will help Huawei redirect its focus towards producing high-end smart devices and its business-oriented business.

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