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Thomson Buys Nokia's China TV Stake
July 30, 2004 |
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French electronics maker Thomson, said it will buy out most of the stake held by the world's top cellphone maker, Nokia, in a joint venture making set-top TV boxes for the China market.
Thomson did not say how much it is paying for the stake, but a spokesman described the investment as "strategic" and not a major financial commitment. Following the purchase, the venture's name will change to Thomson/Citic Digital Technology from its current name, Nokia/Citic Digital Technology, Thomson said in a statement. It said the deal is expected to close in September.
The announcement comes two months after Motorola Inc. said it would spend up to $33 million to take as much as a 30 percent stake in DVN Holdings Ltd., a Hong Kong-listed company making set-top boxes for the China cable TV market. Motorola completed its purchase of an initial 11.34 percent stake earlier this month for about $7.5 million. It has billed the purchase as a strategic move, bringing together its digital hardware expertise and distribution channels in China with DVN's expertise in digital cable software and Chinese industry connections.
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