Alcatel sells handset division to Chinese joint venture
- 27 April, 2004 22:00
Alcatel will form a joint venture with a Chinese company, TCL Mobile, to make and sell cellphone handsets around the world.
Alcatel will put in €45 million and its cellphone division while TCL Mobile will contribute E55 million. TCL will own 55% of the joint venture and has the deal includes the option for either party to swap Alcatel's shares in the joint venture for shares in TCL Mobile itself after five years.
The new cellphones will still be branded with the Alcatel name.