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Microsoft to sell feature phone business to Foxconn subsidiary, HMD Global
A Microsoft logo is seen on an office building in New York City in this July 28, 2015 file photo.
Reuters/Mike Segar
Microsoft Corp (MSFT.O) 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 (2354.TW), 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.
(Reporting by Sangameswaran S in Bengaluru; Editing by Sunil Nair)
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