Google buys part of HTC’s smartphone business, including Pixel team

Google is buying part of HTC's smartphone business, the companies announced today, putting an end to several weeks of intense rumors about an acquisition.

Here's how the deal breaks down: a team of HTC employees, "many of whom are already working with Google to develop Pixel smartphones," will join Google's hardware business, according to a statement. HTC is to receive $1.1 billion in cash as part of the transaction.

Also included in the deal is a non-exclusive license of HTC intellectual property, meaning HTC can continue to make products, including phones, under the company brand.

The HTC Vive virtual reality division remains intact, as does HTC's other product divisions. The deal is expected to close in early 2018.

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