Huawei and other Chinese operators receive approval on TD Tech acquisition, while Nokia exits

Huawei and some other Chinese operators such as Chengdu High-Tech have recently received the approval for the TD Tech acquisition. After this activity, these companies would be able to purchase the equity shares of the TD Tech corporation.

So far, Huawei and Chengdu High-Tech firms planned to buy 100% of the TD Tech equity shares. Notably, TD Tech was a joint venture of both Huawei and Nokia. However, the latter decided to sell its majority stakes to other buyers in the market.

This eventually led to an agreement where Huawei and some other firms will adopt 100% shares of TD Tech and jointly control it. As of now, the State Administrative for Market Regulation has shown the green light to this acquisition subject.

According to the latest information, Huawei, Chengdu High-tech Group, the Chengdu High-tech Jicui Technology, and Huagai Venture Capital Management (Beijing) have received approval for the TD Tech acquisition from the authorities.

Ultimately, these tech makers can now jointly hold the TD Tech shares and make amendments for its growth in the industrial sector. It is unclear how many shares each party will get in this segment. Perhaps, we may get related details in the future.

As mentioned, TD Tech has been run by Huawei and Nokia initially. The former had 49% while the latter held 51% of the company’s shares. However, things went wrong when Nokia tried to sell its shares to a new buyer and Huawei interrupted.

The Finnish company made a settlement with Oriental Materials for its TD Tech shares in December 2023. Hereafter, Huawei and some other partners teamed up, targeting the TD Tech company, its shares, and the overall development.

(Source)