Finnish telecoms equipment giant Nokia has found new buyers for its majority stake in a Beijing-based joint venture with Huawei Technologies, after a proposed deal fell through last year following strong protest by the Chinese partner, reports the South China Morning Post. Under the latest agreement, wireless technology firm TD Tech will be jointly controlled by Huawei and a group of entities that include the government-owned Chengdu High-Tech Investment Group and Chengdu Gaoxin Jicui Technology Co, as well as venture capital firm Huagai, according to a disclosure published on Friday by the State Administration for Market Regulation (SAMR).
The document did not reveal how much equity each of the new participants will hold. Before the sale, Nokia owned 51% of TD Tech, while Huawei held 49%.
Regulators said they had no antitrust concerns on the deal and would solicit public feedback until January 28. Huawei and TD Tech together control no more than 10% of China’s smartphone market, according to the SAMR, which did not specify the time frame for that data.