Google and HTC Corporation today announced a definitive agreement under which certain HTC employees, many of whom are already working with Google to develop Pixel smartphones, will join Google.
HTC revealed this in a press released it published on its website, saying HTC will receive about the sum of N396 billion in cash from Google as part of the transaction.
“As a pioneer of the smartphone market, we are very proud of our history of innovation. Our unmatched smartphone value chain, including our IP portfolio, and world-class talent and system integration capabilities, have supported Google in bolstering the Android market.
“This agreement is a brilliant next step in our longstanding partnership, enabling Google to supercharge their hardware business while ensuring continued innovation within our HTC smartphone and VIVE virtual reality businesses.
“We believe HTC is well positioned to maintain our rich legacy of innovation and realize the potential of a new generation of connected products and services,” said Cher Wang, Chairwoman and CEO of HTC.
Rick Osterloh, Senior Vice President of Hardware at Google said “HTC has been a longtime partner of Google and has created some of the most beautiful, premium devices on the market”.
“We’re excited and can’t wait to welcome members of the HTC team who will be joining Google to fuel further innovation and future product development in consumer hardware,” the hardware engineer at Google further stated.
TheNewsGuru reports Google will receive a non-exclusive license for HTC intellectual property (IP) in a separate deal.
However, the transaction, which is subject to regulatory approvals and customary closing conditions, is expected to close by early 2018.
Source: thenewsguru.com
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