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Huawei strongly opposed it, and Oriental Materials announced that it would terminate its acquisition of 51% of Dingqiao's stake and reach a settlement with Nokia.

2024-04-22 Update From: SLTechnology News&Howtos shulou NAV: SLTechnology News&Howtos > IT Information >

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CTOnews.com December 19 news, this evening, Oriental Materials announced that the company and Nokia on the acquisition of TD TECH HOLDING LIMITED 51% equity issues reached a settlement, termination of the transaction, and signed a "Settlement Agreement."

On April 9 this year, Oriental Materials announced that it plans to acquire 51% equity of TD TECH (Dingqiao Communications) held by communications giant Nokia through fixed increase fund-raising, with a transaction consideration of 2.1216 billion yuan.

Huawei issued a statement that evening saying it had no intention or possibility of operating Dingqiao in a joint venture with New Oriental New Materials.

Huawei agrees with Nokia's sale of equity, but the purchaser must have the same strategic capabilities to have the basis for continuing the existing cooperation. The Company has no intention or possibility to operate TD TECH in a joint venture with New Oriental New Materials.

CTOnews.com inquires that Dingqiao Communication Technology Co., Ltd. is a joint venture jointly established by Siemens and Huawei Technologies Co., Ltd. of Germany. It was officially established in Beijing on March 24, 2005. On April 1, 2007, Nokia and Siemens jointly established Nokia Siemens Networks, and Siemens transferred all its shares of Dingqiao to Nokia Siemens Networks. In July 2013, Nokia announced a € 1.7 billion acquisition of Siemens '50% stake in Nokia Siemens Networks, renaming the company Nokia Solutions and Networks (NSN).

TD TECH is registered in Hong Kong, with Nokia and Huawei holding 51% and 49% respectively, according to the announcement disclosure.

Dingqiao Communication has reached certain cooperation relations with Huawei in various business segments such as wireless products, terminal products and Internet of Things products in the industry. In terms of technology, some products of Dingqiao are based on Huawei authorization, developed and optimized on the basis of Huawei's underlying technology or existing products; in terms of sales, the sales of some products of Dingqiao cooperate with Huawei, for example, Dingqiao N8 Pro and Dingqiao M40 launched by Dingqiao Communication are very similar to Huawei nova8 Pro and Huawei Mate40, and support 5G network.

Related Reading:

Huawei: No intention and possibility of joint venture operation TD TECH with New Oriental New Materials

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