Siemens Hands Over Mobile Phone Business

 
 
By Shelley Solheim  |  Posted 2005-06-14 Email Print this article Print
 
 
 
 
 
 
 

BenQ, a Taiwanese maker of handsets and other consumer electronics, will acquire Siemens' money-losing mobile phone business, the two companies announced last week.

Under the deal, Siemens will pay BenQ America Corp. $307 million and buy $61 million worth of BenQ shares. In total, Siemens said it would take a pretax charge of 350 million euros ($430 million) to unload its failing phone business.

The deal will let BenQ expand its business from Asia into Europe and Latin America, said officials. Siemens phone business will remain in Munich, Germany, and BenQ will retain rights to market and sell phones under the Siemens brand for five years.

Pending approval, the deal is expected to close by October.

Check out eWEEK.coms for the latest news, reviews and analysis on mobile and wireless computing.
 
 
 
 
 
 
 
 
 
 
 

Submit a Comment

Loading Comments...
 
Manage your Newsletters: Login   Register My Newsletters























 
 
 
 
 
 
 
 
 
 
 
Rocket Fuel