Alcatel, Chinese Mobile Handsets Manufacturer to Establish JV
Posted on: Monday, 26 April 2004, 06:00 CDT
TCL Communication Technology Holdings Limited, the intended holding company of Huizhou TCL Mobile Communication Co., Ltd., a leading mobile handsets manufacturer in China, and Alcatel Monday announced the signature of a memorandum of understanding to form a joint venture company for the research and development, sales and distribution of mobile handsets and related products and services.
The two groups have decided to join together their respective strengths in the mobile handset industry:
Under the terms of the MOU, TCL Communication will be the major shareholder in the new company, with an equity stake of 55%, while Alcatel will hold the remaining equity stake of 45%. Alcatel will have the option to swap its ownership in the joint venture company into shares in TCL Communication and TCL Communication will have the option to swap Alcatel's entire interest in the joint venture company into shares of TCL Communication 4 years and 5 years after the formation of the new company, respectively.
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