Google to buy part of HTC's smartphone operations for $1.1 billion

© Reuters. FILE PHOTO: A HTC © Reuters. FILE PHOTO: A HTC “U11” smartphone is displayed in this illustration photo

TAIPEI (Reuters) – Alphabet Inc’s (O:) Google will acquire part of Taiwanese smartphone maker HTC’s (TW:) smartphone operations for $ 1.1 billion, the companies said in a joint statement on Thursday.

Under the deal, Google will acquire a team of people who develop Pixel smartphones for the U.S. firm and receive a non-exclusive license for the Taiwanese firm’s intellectual property.

The transaction, which is subject to regulatory approvals, is expected to close by early 2018.

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