Google and HTC announces US$ 1.1 Billion Co-operation agreement, Buys part of HTC smartphone team

Google and HTC Corporation have announced a definitive agreement under which HTC will receive US$ 1.1 billion in cash from Google.

Google has been concentrating on its Pixel Phones lately, with its second generations slated to be announced on October 4th. Under this deal, certain HTC employees, many of whom are already working with Google on Pixel smartphones, will join Google.

Apart from this, Google will receive a non exclusive license to access HTC”s Intellectual Property to support Pixel smartphone family. In short, Google can use HTC manufacturing patents and designs for future Pixel devices.

The agreement is not the end of HTC smartphones  though. It will continue hire and use best-in-class engineering talent, for its upcoming flagship phones, which it is already working. The transaction reinforces HTC’s commitment to Innovation and its own branded phones.

Moreover, HTC will continue to build / improve its VIVE Virtual Reality business and invest in Internet of Things, AI and Augmented reality.

The agreement between Google and HTC Corporation also represents a substantial investment in Taiwan as a key innovation and technology hub. The transaction is subject to regulatory approvals and customary closing conditions and is expected to finish by early 2018.

Rick Osterloh, Senior Vice President of Hardware at Google –

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.

Cher Wang, Chairwoman and CEO of HTC said –

As a pioneer of the smartphone market, we are very proud of our history of innovation. Our unma