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Huawei Confirms Plans To Sell Stake Of Mobile Phone Business
June 24, 2008 |
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Chinese communications equipment provider Huawei Technology Co., Ltd. has confirmed that it is seeking cooperation with foreign investment institutions on selling the majority stake of its terminal business department.
Known as a manufacturer of routers and wireless products for mobile operators, Huawei plans to sell the majority stake of this part of business to a private entity that can help it promote its sale in North America. Huawei has been planning to peel off 49% of its stakes, but it is now considering increasing the proportion of the stakes provided that any private entity is willing to offer a higher price.
Bain Capital, Blackstone, TPG, and Kohlberg Kravis Roberts are all said to be the participants in Huawei's bidding process.
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