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Microsoft sells feature phone business to Foxconn
2016-05-18 10:44:00| Telecompaper Headlines
(Telecompaper) Microsoft has agreed to sell its feature phone business to FIH Mobile, the contract manufacturer owned by Hon Hai/Foxconn Technology Group, and Finnish company HMD Global for USD 350 million. As part of the deal, FIH Mobile will also acquire Microsoft Mobile Vietnam, the company's factory in Hanoi, Vietnam, and take over 4,500 employees. Microsoft said it will remain present in the smartphone market, selling its own Lumia devices and licensing Windows 10 Mobile to other manufacturers. As part of the deal, Microsoft will transfer substantially all of its feature phone assets, including brands, software and services, care network and other assets, customer contracts, and critical supply agreements. The transaction is expected to close in the second half of 2016, subject to regulatory approvals.
Tags: business
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feature
microsoft
Category:Telecommunications