After the rumors of the past few days, the confirmation: Huawei sells its Honor brand, created in 2013 for medium-low range phones.
A move, explains the tech giant, due to the "incredible pressure" to which the supply chain has been subjected after the Trump ban and the sanctions.
Honor was acquired by a consortium of 40 companies that include agents, resellers and distributors of the brand.
Huawei will have no share.
The company did not provide financial details of the transaction, but according to rumors provided by Reuters earlier this month the amount would be more than $ 15 billion.
Huawei, one of the top three mobile phone vendors in the world, said its business "has come under tremendous pressure" due to the growing inability to purchase components for its devices, such as semiconductors, as sanctions have brought them United States tried to cut the company from the global supply chain. "This sale will help Honor channel vendors and suppliers get through this difficult time," Huawei said. Honor is a line of low-mid-range smartphones aimed primarily at younger or budget-conscious buyers. Huawei said that over 70 million devices under this brand are sold annually.