They had a virtual concert experience yesterday in Finland, when the concert of the Italian tenor Andrea Bocelli, who performed at the Nokia Arena...
Nokia sold Huawei partner TD Tech10. 04. 2023 Monday / By: Robert Denes / Business / Exact time: BST / Print this page
New Oriental New Materials has announced that it will buy 51% of TD Tech from Nokia. And this will be a fixed increase of 20 million yuan at a transaction value of 2.1216 billion yuan and 308 million USD (GBP249,281,648, EUR 284,114,600 and INR 25,263,700,000). Overall, Nokia has sold its ownership of TD Tech. TD Tech is a China-based company jointly founded by Nokia and Huawei in 2005 in Beijing. The company has R&D centers with highly skilled employees who study wireless communication technologies and produce various products for service providers such as China Mobile, where their products and solutions dominate the market.
Nokia owned 51% of the shares, while the rest belonged to Huawei. Interestingly, the company already started selling 5G products to its industrial users in 2019, although we know that Huawei has faced difficulties in connection with the Sino-US sanctions war. The buyer also confirmed that TD Tech will be a subsidiary of the holding company. The core business portfolio will consist of industrial wireless products, terminal products and Internet of Things products. Xu Guangbin, controller and president of New Oriental New Materials, is known for his experience in communication technologies. He is also the founder, president and chairman of Huayun Data Group.
TD Tech is operated by TD Tech HOLDING LIMITED in Hong Kong. It has a very close business relationship with Huawei, which owns 49% of its shares. Huawei Xu Zhijun, Deng Biao, He Haipeng, Zhang Qi, Yan Lida and other executives also serve as directors of TD Tech. It was actually founded in 2005 as a joint venture between Nokia Siemens and Huawei. In 2011, it became a subsidiary of Chengdu TD Tech (collectively “TD Tech”).
In 2011, a wholly owned subsidiary, Chengdu TD Tech, began to focus on R&D and development of communication solutions for industrial customers. It currently has research centers in Beijing, Shanghai and Chengdu, with more than 2,000 employees, accounting for 70% of R&D personnel.
The company makes headlines in collaboration with Huawei smartphones. TD Tech has launched phones such as the M40, P50 and Mate 50. All of these are identical to Huawei smartphones due to their shared patent rights. In relation to this acquisition, Huawei issued a statement saying that they agree to sell Nokia's shares, but stressed that the buyer must have the same strategic capabilities to build on the existing cooperation.
Therefore, Huawei denied its willingness or ability to cooperate with New Oriental New Material in TD TECH's joint venture. Huawei stated that it is monitoring the situation and has the right to take follow-up measures, including but not limited to exercising the right of first refusal, selling all shares to withdraw, and terminating the relevant technology license of TD TECH and its subsidiaries.
So Nokia ended up selling TD Tech and taking their share of the deal, but we'd like to hear an official closure on the whole scene.Via Link