Siemens AG stated today that it will be selling its struggling mobile phone unit to Taiwan"s BenQ Corp after finishing months of talks about the division"s future.
The decision to sell the unit came despite predictions that the Munich-based company would form a joint venture.
Siemens did not give a price on the sale, but said that it would face a pretax charge of 350 million euros ($429.5 million USD). Siemens also agreed to acquire 50 million euros ($61.4 million) worth of new BenQ shares as part of the deal.
BenQ stated that the mobile phone unit would remain based in Munich.