Huawei is selling its Honor unit to Shenzhen Govt, Digital China, and others for $15 million

Huawei plans to sell the budget-brand smartphone unit Honor in a 100 billion yuan ($15.2 billion) deal to a consortium led by its own handset distributor Digital China and the Government of its home town of Shenzhen. It is believed that Xiaomi and one of TCL Communicationࢀ™s group of businesses were also considered as suitors for this buy-out. Chinese media reports indicate that Digital China , which also partners Huawei in businesses such as cloud computing, plans to finance the bulk of the deal with bank loans. This will be joined by at least three investment firms backed by the…