The ongoing meltdown in worldwide financial markets has forced China-based telecom equipment provider Huawei Technologies to abandon the sale of its device unit. The company said in its statement that it has called off this sale because of the prevailing uncertainty surrounding global financial markets. Earlier on this year, Huawei had put its terminal unit for sale. The division includes CDMA/WCDMA handsets and PC cards in addition to ADSL terminals. The firm had even received bids from PE (private equity) players Bain Capital and Silverlake. However, both the PE companies were offering 25% lesser price than what was being demanded by Huawei.
Monday, October 13, 2008
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