Nokia vowed to push ahead with a plan to offload its majority stake in TD Tech, a joint venture established with Huawei in 2004 to build 3G systems for the China market.
In a statement to Mobile World Live, a Nokia representative called TD Tech a “legacy joint venture” which pivoted into handsets, modems and other devices, claiming there are “no operational activities” between TD Tech and Nokia.
Nokia added that since the business does “not fit Nokia’s strategic focus as a B2B technology innovation leader“, it entered into an agreement to sell its share in the JV to New East Materials, a maker of inks and adhesives.
The closing of a deal, the vendor noted, is subject to conditions, with the sale only moving ahead if the conditions are met.
On 9 April, Huawei issued a statement claiming it doesn’t have “any willingness or possibility” to jointly operate TD Tech with New East Materials, noting the proposed buyer must have the same strategic capabilities .Subscribe to our daily newsletter Back