FIH Mobile Teams up With HMD Global for Microsoft's Smartphone Assets
May 18 2016 - 5:48AM
Dow Jones News
By Joanne Chiu
FIH Mobile Ltd. (2038.HK) plans to team up with HMD Global Oy to
buy the smartphone assets under the Nokia trademark from Microsoft
Corp. (MSFT) for US$350 million.
The unit of Taiwanese electronics assembler Hon Hai Precision
Industry Co. (2317.TW) said Wednesday that the target assets to be
acquired involve the designing, manufacturing and selling of phones
that are sold under the brand name Nokia.
Of the total consideration, FIH Mobile will pay US$330 million
while the remaining US$20 million is payable by HMD global, a
company organized Finnish law.
As part of the deal, FIH Mobile will also buy Microsoft's
smartphone-manufacturing facilities in Hanoi. About 4,500 employees
will transfer to, or have the opportunity to join, FIH Mobile or
HMD Global subject to the closure of the deal, Microsoft said in a
separate statement.
Write to Joanne Chiu at joanne.chiu@wsj.com
(END) Dow Jones Newswires
May 18, 2016 05:33 ET (09:33 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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