Active Stocks

Wed Oct 04 2023 15:59:47

Tata Steel share price
125.3 -2.11%

Axis Bank share price
994.4 -4.38%

Power Grid Corporation Of India share price
199 -0.15%

NTPC share price
235 -2.55%

Tata Motors share price
613.5 -1.1%

Business News/ Companies / Microsoft to sell feature phone business to Foxconn subsidiary, HMD Global

Back

Microsoft to sell feature phone business to Foxconn subsidiary, HMD Global

1 min read 18 May 2016, 04:21 PM IST Join us

Sangameswaran S

FIH Mobile, a subsidiary of Hon Hai/Foxconn Technology Co Ltd, would also acquire Microsoft Mobile Vietnam as a part of this deal

General view of Microsoft Corporation headquarters at Issy-les-Moulineaux, near Paris, France. Photo: Charles Platiau/Reuters

Bengaluru: Microsoft Corp said it is selling its entry-level feature phone assets to FIH Mobile Ltd and HMD Global Oy for $350 million.

FIH Mobile, a subsidiary of Hon Hai/Foxconn Technology Co Ltd, would also acquire Microsoft Mobile Vietnam as a part of this deal, Microsoft said.

The company said its 4,500 employees from Vietnam will transfer to or will have an opportunity to join FIH Mobile or HMD Global Oy.

Microsoft will transfer all of its feature phone assets, including brands, software and services, care network and other assets, customer contracts, and critical supply agreements to both the companies as a part of the deal.

Microsoft will continue to develop Windows 10 Mobile and support Lumia phones from OEM partners, the company said. Reuters

"Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here!