ZTE Could Sell Its Smartphone Business For Over $5 Billion
ZTE has denied reports that it is planning to transfer its smartphone business into a new joint venture valued at … Read More The post ZTE Could Sell Its Smartphone Business For Over $5 Billion appeared first on ProPakistani .
ZTE has rejected reports suggesting it is negotiating to move its smartphone business into a new joint venture valued at around $5.6 billion. The Chinese telecommunications giant denied the claims to multiple Chinese news outlets on November 3, stating the reports were inaccurate. The original report claimed ZTE was set to involve a major internet company and Shanghai state-owned investors in the proposed restructuring, with the smartphone operations set to be jointly owned.
However, ZTE clarified that the transaction proposal was limited to its consumer smartphone operations in both China and international markets, excluding its gaming smartphone business and routing products. The company's denial leaves no confirmed agreement or transaction terms regarding the $5.6 billion valuation or the proposed $1.1 billion investment.
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