Google to buy part of smartphone maker HTC for $1.1 billion

Smartphone maker HTC said Thursday it was selling part of its business to Google for $1.1 billion.

AFP reported HTC as saying that the deal includes intellectual property licensing and half of HTC's research staff, or around 2,000 people, and is expected to be completed in early 2018 pending regulatory approval.

The announcement marks Google's latest push into hardware manufacturing.

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"For Google, the deal will further strengthen its investment in and committment to smartphones and its hardware business... it shows that Google sees Taiwan as a key hub for innovative technology," AFP reported HTC spokesman Peter Shen as telling a press conference in Taipei.